Although it may seem as though the economy is starting to pick up, many companies still struggle with day-to-day business. Unemployment, credit card debt, divorce, college tuition and other factors can cause consumers to spend less. When this happens, businesses suffer. They lose profits and become unable to pay bills. The next step? Bankruptcy. While bankruptcy may seem like a bad word to some business owners, Chapter 11 bankruptcy - a type of bankruptcy for businesses - can actually help a struggling company stay afloat.
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.
For many Tennessee residents, a new home is a major purchase - probably the biggest purchase they will ever make in their lives. Paying a monthly mortgage payment can be challenging, especially if the homebuyer is struggling with credit card debt. Not only that, but lenders may be concerned about the debt and charge higher interest rates for the loan - or even deny it altogether. Read on to find out what homebuyers should know during the loan approval process.
Bankruptcy is a situation that can befall anyone. Even some of the biggest celebrities have struggled with money issues. Although a bankruptcy is beneficial for Tennessee residents with mountains of debt, such a process should not be taken lightly. One may wonder what situations warrant a bankruptcy.