Unfortunately, financial troubles can happen. When a person finds themselves in this situation, no matter their age, it is important to consider what options they have to deal with their growing debt and whether they can obtain a fresh financial start.
The mere idea of losing a family home to foreclosure can be overwhelming. There are certain personal bankruptcy options that can help that struggling homeowners and consumers should be aware of and understand.
When a business is financially struggling, it is important for business owners to be aware that there are bankruptcy options that may allow them to address their debt-related concerns and remain in business. Chapter 11 bankruptcy provides an option to allow the business to continue to operate while restructuring its debt so it can meet its goal of returning to profitability.
Chapter 11 bankruptcy protection provides businesses with an opportunity to stop, restructure and repair problems that are threatening the company's financial health. It can mean the difference between saving the company and having to shutter the doors.
Residents of southeastern Tennessee who face financial difficulty are worried about losing their homes. In some cases, unfortunately, the loss in a foreclosure proceeding is inevitable. If a lender completes a foreclosure proceeding and takes possession, the borrower's credit rating will be severely damaged. And, if the property does not provide enough cash to pay the balance on the loan, the borrower may be hit with a deficiency judgment. That is a court finding that the borrower owes whatever amount is required to pay the loan in full. If foreclosure appears to be inevitable, a borrower may consider a deed in lieu of foreclosure.