When someone is considering bankruptcy, there will be many fears that run through their head. Are they going to lose all of their possessions? Will they ever recover from the bankruptcy? Will their credit be forever ruined? Will I ever get the chance to secure new lines of credit again?
Bankruptcy often happens during one of life's most expensive actions: divorce. As Tennessee couples end their marriage and split assets, they may find it extremely challenging to go from two incomes to one while still trying to maintain a household. They may find themselves facing financial challenges while having to worry about common divorce legal issues such as child support and alimony. While divorce and bankruptcy at the same time may seem too overwhelming for someone to take on, a bankruptcy can provide many benefits if debt is becoming too much to bear.
Tennessee residents who recently paid for items at the specialty store Professional Appliance Direct may be out of luck. The Johnson City appliance supplier abruptly filed for Chapter 7 bankruptcy on April 3 without notifying customers - homeowners who have already paid for their appliances in advance. Now many residents are without their appliances and their money and have filed police reports against the store.
Many Tennessee residents may have debt problems caused by excessive credit card usage. Others have debt issues caused by unpaid taxes. Perhaps they owe income taxes to the IRS and are unable to pay them. They may have abandoned a property and now owe taxes on it. Divorce and other family issues may have caused them to overlook their tax debts. Whatever the situation, we have options to help bring you the tax debt relief you need.
When Tennessee consumers face overwhelming debt, they may look at various options but eventually settle on bankruptcy. They are often given two choices: Chapter 7 or Chapter 13. Which one is better? Many consumers prefer Chapter 7 bankruptcy because of the many advantages it offers.
It can be challenging to keep a business afloat nowadays. Competition and mismanagement can quickly destroy a once-thriving company. Even schools can drown in debt, with bankruptcy the only viable option. This was the case for Tennessee charter school Boys Prep, which filed for Chapter 7 bankruptcy on Aug. 29.
Sometimes Tennessee residents face financial challenges, whether through a job loss, unexpected expenses or overspending. This can cause overwhelming debt, which can lead to harassing phone calls from creditors. When it becomes impossible to stay afloat financially, many consumers turn to bankruptcy for relief. There are two options to choose from: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Which one is right for your situation?
When someone asks their parent, grandparent or other loved one to cosign a loan for them, they oftentimes agree. Why? Because family members usually want to help each other out in time of financial need. They don't want to see their child, grandchild, niece or nephew do without a car or student loan for college. But if the person who took out the loan is unable to repay the debt and files for bankruptcy, the cosigner may be on the hook and could even face damage to his or her own credit score. So some individuals may be considering the best way for them to handle this situation.
Many Tennessee companies may not fully understand their bankruptcy options. For example, they may be under the impression that Chapter 11 and 13 are the only types to choose from. However, companies operating under a sole proprietorship or general partnership have the option to file for Chapter 7 bankruptcy. Audioplex Technology Inc., a manufacturer of multiroom audio devices, is using Chapter 7 to wipe away its overwhelming debt.