Many people who are feeling overwhelmed by their debt are reluctant to get the legal help they need because they fear the stigma associated with bankruptcy. This can be a mistake, and is largely based on a misconception.
Property exemptions can make a big difference
Many Tennessee residents feel overwhelmed by their mortgage, credit card balance, medical bills and other forms of debt, but they are reluctant to seek out the quickest, most effective way of returning to financial health. They fear that filing for protection under Chapter 7 of the U.S. Bankruptcy Code will mean losing everything they own. That is a misconception.
Study finds long-term mental health effects from Great Recession
It has been 10 years since the Great Recession, when millions of Americans lost their jobs, their savings and their homes as a housing market bubble burst, sending the global economy into a tailspin. Though the recession officially ended in June 2009, the effects linger on. As a recent psychological study shows, for many people those effects go beyond the purely financial.
The Chapter 13 reorganization plan process
The Chapter 13 reorganization bankruptcy process is helpful for struggling consumers considering filing for bankruptcy to understand. It is a valuable resource that allows them to reorganize their debt and repay it over a manageable period of time.
