Many Tennessee residents turn to bankruptcy for debt relief. Although each type of bankruptcy is different in certain aspects, all have one thing in common: they utilize the services of a trustee. A trustee is a person appointed in every bankruptcy case to help oversee the estate and ensure that the process is being carried out appropriately. So what exactly does a trustee do in a Chapter 7 bankruptcy, in which everything is liquidated?
Famous musicians don't always have millions of dollars in the bank. Take rapper 50 Cent, for example. Many Tennessee music lovers are familiar with 50 Cent's work, but in reality, the rapper supposedly doesn't even have 50 cents to spare. The rapper, whose real name is Curtis Jackson, owes creditors more than $28 million and has recently filed for bankruptcy.
When debt becomes too great for Tennessee consumers to handle, Chapter 13 bankruptcy is a viable option. Chapter 13 does not eliminate debt like Chapter 7, however. Rather, it allows consumers to pay off debt over an extended period of time so they can hold onto their homes, cars and other property. Chapter 13 does require a lot of responsibility on the debtor's part, however, as there are many obligations that must be met in order to satisfy the requirements and complete the process.
Tennessee residents behind on credit card payments may be faced with creditor harassment, such as excessive phone calls at all hours of the day and letters demanding payment. They may think that bankruptcy may be their only option, but before making such a drastic decision, there is an option to consider: working directly with creditors to resolve credit card debt. Creditors typically don't want to lose customers, so they'll likely try to work with you to pay off your outstanding balance. The best part is you can do this informally, without having to file for bankruptcy.
Tennessee residents are familiar with longtime gun maker Colt. Like many businesses, Colt has had its share of ups and downs over the past several years as the economy recovers from a recession. After accumulating hundreds of millions of dollars in debt, the company has filed for business bankruptcy in an attempt to better position itself in a competitive market. Despite the Chapter 11 filing, the firearm manufacturer has remained open for business and predicts no customer impact.