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November 2015 Archives

Not all debts are dischargeable under Chapter 7 bankruptcy

Many people imagine that after filing for personal bankruptcy that they will be left with a perfectly clean financial slate. For some this is a reality and after their hearings end they are able to achieve a fresh financial start. However, other Tennessee residents may find that even after successfully completing a Chapter 7 bankruptcy process they have some debts still outstanding against them.

Tennessee paper company considers bankruptcy

A paper company that is based out of Memphis is facing significant financial challenges. Verso Corp. recently reported that it has lost nearly $300 million just this year and close to $900 million in the last three years. Its recent acquisition of other companies' assets has not stimulated its growth and the entity is also suffering significant losses due to increases in imported paper goods.

Chapter 7 may be the answer to your debt problems

Debt can be a problem for businesses as well as individuals. In Tennessee, people may see their healthy finances dwindle to overwhelming debt due to a number of unexpected causes. A sudden illness or accident may force a person to incur large medical bills. The loss of a job may require a person to borrow money to pay for the person's necessities. The adjustment of a mortgage may impose heavier financial expectations on people who were not ready for their monthly payments to increase.

Some personal bankruptcy options involve a means test

Not everyone who wants to file for personal bankruptcy is eligible to do so. In fact, one of the most common forms of consumer bankruptcy available to Tennessee residents involves an objective evaluation of the individual filers' financial statuses prior to allowing claims to move forward. That evaluation is referred to as the means test, and it is required of people who want to pursue Chapter 7 bankruptcy protections.

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