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July 2016 Archives

Bankruptcy options can help stop wage garnishment

Being overwhelmed by debt is stressful enough but added stress and strain because of wage garnishment may feel unbearable to individuals struggling with debt. Wage garnishment occurs when a creditor has filed a lawsuit to recover a debt and has successfully obtained a judgment against the party owing the debt. Once the judgment is in place, and their wages are being garnished, the party owing the debt may face increasingly difficult struggles paying their bills and keeping up on their debts.

Help avoiding foreclosure through the bankruptcy process

Protecting a family home from foreclosure is a serious and stressful concern for many families and homeowners, including in Tennessee. There are ways that the bankruptcy process may help. One option may be the Chapter 13 bankruptcy process that, in addition to helping struggling individuals reorganize their debt, can also potentially provide options to help avoid foreclosure.

What is Chapter 7 bankruptcy?

Chapter 7 bankruptcy is a bankruptcy option for individuals who qualify. You may have heard of Chapter 7 bankruptcy but wondered who qualifies and how you file for Chapter 7 bankruptcy. To file for Chapter 7 bankruptcy, the filing party must file a bankruptcy petition and also provide a schedule of assets and liabilities, a schedule of income and expenditures, a statement of their financial affairs and a schedule of executory contract and leases that have not expired. A copy of the filing party's most recent tax return must also be provided.

Tennessee leads country in personal bankruptcy

This blog recently discussed the business bankruptcy of a Tennessee company, however, Tennessee led the country in personal bankruptcy filings during 2015. There were a total of 36,052 bankruptcy filings in Tennessee in 2015 which is twice the average number of bankruptcy filings throughout the nation. Unfortunately, factors that contribute to this include that Tennessee can be friendly to creditors, allowing them to quickly garnish wages or foreclose on a house.

Bankruptcy for Tennessee company approved

This blog has recently discussed, in particular, how business bankruptcy options may help struggling business and professionals in Tennessee. The recent approval of the bankruptcy reorganization plan for a struggling papermaking company headquartered in Tennessee is a good example of how the bankruptcy reorganization process can be helpful for a struggling company. The company is the largest coated paper producer in North America.

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