Severe money problems can happen to virtually anyone -- even people who once earned large salaries and are nationally famous. People far and wide sometimes find it necessary to file for bankruptcy protection in order to get back on solid financial footing.
Many people in Tennessee who find themselves struggling to pay the bills often are in the situation not because of a lack of income but because their income is being stretched too many different ways. Between mortgage payments, medical bills and credit card debt, people can find themselves struggling to get by and contemplating bankruptcy.
Just because you, as a business owner, have fallen on financial hard times doesn't mean that bankruptcy is inevitable. Professionals who work in bankruptcy law can inform business owners of their debt relief options before, during and after filing for bankruptcy.
Some Tennessee parents considering bankruptcy may be in a quandary about what to do with the college savings plan they set up for their child. You clearly don't want to drain that account to pay back creditors, but in some cases, that unfortunate course of action may be necessary.
Sometimes, major bankruptcy questions are left unresolved on a bigger scale when circuit courts do not agree. This creates an unsettled issue that is ripe, meaning the question is often appealable to the Supreme Court. An appeals court has recently decided that that inherited retirement accounts (IRAs) are not exempt from bankruptcy creditors in a bankruptcy case. This ruling differs vastly from rulings in other circuits.