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January 2017 Archives

Bankruptcy options can provide relief from repossession

The average Tennessean can have understandable concerns related to their home or car when they have lost their job. They may have serious concerns related to foreclosure or repossession and may have tried everything to make both mortgage payments and car payments, but have fallen behind for reasons outside of their control.

Bankruptcies fall last year but Tennessee remains national leader

Though the number of individuals in the Chattanooga area needing to file for bankruptcy fell to a 10-year low last year, and the number of foreclosures also fell, Tennessee remains the leader in the nation for personal and business bankruptcies. In addition, increased interest rates and other factors are expected to increase the number of bankruptcy protection filings in the coming year. During 2016, 5,689 consumers and businesses filed for bankruptcy protection in the Chattanooga bankruptcy court. In addition, commercial bankruptcy filings increased by 26 percent.

The ways commercial bankruptcy can help a business

There are different types of commercial bankruptcy with different benefits tailored the different financial circumstances businesses may find themselves in. A Chapter 11 reorganization bankruptcy, for instance, can provide breathing room to a struggling business so it can reorganize its debts and get back on its feet once again. Alternately, a Chapter 7 liquidation bankruptcy can shore up losses and protect the owner of a small business.

How do I qualify for personal bankruptcy protection?

There are generally two different types of personal bankruptcy options, and there are different ways of qualifying for each. If you are considering bankruptcy as an option to enjoy debt relief, you may wonder what the differences are and how to qualify. The two personal bankruptcy options are Chapter 7 bankruptcy and Chapter 13 bankruptcy, and while they differ, they can both provide a fresh financial start for those struggling with debt.

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