Research shows that 137 million Americans are facing medical debt leading to financial hardship. In fact, overwhelming medical bills are the number one reason Americans consider filing for bankruptcy or raiding their retirement funds. Because of this painful reality, it is essential for individuals facing significant medical bills to understand their different options and legal protections.
Bankruptcy can be challenging emotionally but that does not mean that it cannot help struggling consumers with the stresses and strains they experience associated with overwhelming debt. Bankruptcy is an option to consider which may be able to do just that because it can offer a fresh financial start to the struggling consumer.
The debt discharge is a tremendously important part of the bankruptcy process which is why it is essential for those filing for bankruptcy to understand. Filing parties should ensure all of their questions about the bankruptcy process and debt discharge are answered.
Bankruptcy is a process that helps consumers who have overwhelming debt enjoy debt relief. Bankruptcy laws and bankruptcy courts throughout the country, including in Tennessee, walk filing parties through the bankruptcy process. The personal bankruptcy process can give filing parties the chance at a fresh financial start.
Chapter 11 bankruptcy is an important legal protection any struggling business wondering what they will do and considering bankruptcy should be familiar with. It can help a struggling business remain in business and keep their doors open while they reorganize their debt and seek debt relief and a return to profitability.
The automatic stay during bankruptcy is important for struggling consumers and filing parties to be aware of because of how much it can help them. Personal bankruptcy protections are not only able to provide relief from debt but can also provide relief from creditors. Once the filing party has filed for personal bankruptcy protection, an automatic stay goes into effect that prevents further creditor collection actions during the bankruptcy process.
Chapter 11 bankruptcy is an important type of bankruptcy protection that can help a struggling business reorganize their debt and stay in business. A Tennessee-based discount retailer and pharmacy chain has announced it is seeking Chapter 11 bankruptcy protection. The company has begun liquidation sales and will be closing stores in the coming months. Earlier this year, the company announced it was closing greater than 280 underperforming stores in 13 states. Through the bankruptcy court, the company is seeking a financing agreement up to $35 million with certain lenders
Bankruptcy relief is an important legal protection for struggling consumers to be familiar with. While there was a year-over-year drop in consumer bankruptcy filings, the number of consumers seeking bankruptcy protection during August increased. Commercial bankruptcy filings also rose year-over-year and in the month of August. One expert noted that recent changes in the law have provided better access to bankruptcy protection for struggling small businesses, family farmers and veterans.
This blog recently discussed the value of Chapter 7 bankruptcy as an option for struggling consumers and others wishing to enjoy a fresh financial start. Those considering Chapter 7 personal bankruptcy protection may wonder how they can qualify for it.
Bankruptcy trustees are an important part of the bankruptcy process which is why filing parties should ensure all their questions about the role of the bankruptcy trustee are answered. Bankruptcy trustees are involved in both the Chapter 7 and Chapter 13 bankruptcy processes, though their roles may differ depending on the type of bankruptcy protection the filing party has filed for.