Bankruptcy holds many mysteries for people who have never experienced the process. One of the most common myths among residents of Bradley County is so-called "medical bankruptcy." All bankruptcies are governed by the United States Bankruptcy Code, and many people may be surprised to learn that there is no such thing as a "medical bankruptcy." Nevertheless, the bankruptcy code can help people who are struggling with heavy medical bills.
For most people in Bradley County, the decision to file a bankruptcy petition can be inhumanly stressful. There are, however, ways to minimize the anxiety that results from filing a bankruptcy petition. This post will summarize the important initial steps that are essential to a proper beginning to a bankruptcy proceeding.
Many farmers in Bradley County and in Eastern Tennessee have shied away from filing a petition in bankruptcy. Some have found the liquidation provisions of Chapter 7 too severe for their situation; others have rejected Chapter 11 as too complex and too expensive. Congress acted to eliminate this dilemma in 1986 by adding Chapter 12 to the Bankruptcy Code. This chapter is intended to allow family farmers to reorganize their debts and continue farming without facing dissolution under Chapter 7 or the expense of Chapter 11.
When people in Bradley County consider filing a bankruptcy petition, they are usually more concerned with the outcome than with properly commencing the proceeding. Sometimes, gathering the information that must be provided with the petition can seem an overwhelming task. This post will provide a bird's eye view of the types of information that must be submitted to the bankruptcy court in order to start a Chapter 7 proceeding.