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Chapter 13 bankruptcy might provide relief in this economy

The downturn of the economy in recent days is frightening to many people. They just don't know how they're going to make ends meet. The bills don't seem to stop, but the money just isn't there to pay for everything. For people who still have an income that can pay the basic bills, there is a chance that a Chapter 13 bankruptcy might be beneficial.

Understand what Chapter 13 does for you

Finding out that you're too far in debt to climb out is an important realization. This is a time when you will have to decide how to handle the situation. One of the options that you have is to file for Chapter 13 bankruptcy. This puts you on a plan for repaying a portion of the debts so that you are able to recover financially once the bankruptcy is over.

How a Chapter 13 bankruptcy can save the house

Perhaps the most common question asked by Tennessee residents who are contemplating filing a bankruptcy petition is whether they will lose their home in the bankruptcy proceeding. The question does not have a simple answer. The legal and financial effects of a bankruptcy depend upon the type of petition that is filed and the financial situation of the debtor.

Can Chapter 13 bankruptcy erase student loan debt?

The student loan debt crisis is all over the news these days and may have hit some people in Tennessee particularly hard. Sometimes a person takes out thousands of dollars of loans in order to get a higher education. Unfortunately, even those who see academic success and receive a degree in their chosen field of study may have a hard time finding adequate employment. Moreover, these loans often have high interest rates.

The reach and limits of the automatic stay in bankruptcy

Many people in Eastern Tennessee who are contemplating bankruptcy are aware of a legal device called the "automatic stay." The automatic stay is an order that is issued by the bankruptcy court where the petition has been filed. The stay is addressed to every creditor identified by the debtor in his initial filings, and it prohibits any attempt to collect on obligations owed by the debtor. The automatic stay can protect a debtor against attempts to foreclose a mortgage, cut off utilities, liquidate liens and pursue collection actions on credit card debt.

How a Chapter 13 bankruptcy may save your house and car

People in Eastern Tennessee who are struggling with overwhelming debt have many questions if they are considering bankruptcy. One of the most frequently asked questions is whether they will lose their home or car in a bankruptcy proceeding. The answer to that question depends upon understanding how different bankruptcy proceeding operate.

Reorganize debt and get to a better financial situation

When most Tennessee residents think about filing for bankruptcy, they are probably thinking about Chapter 7 bankruptcy, which is commonly known as "liquidation" bankruptcy. In a Chapter 7 bankruptcy, the bankruptcy filer's assets are sold off, with some exemptions, and the proceeds are used to pay off outstanding debt. However, there is another option for residents to consider: Chapter 13 bankruptcy.

We can help small businesses recover from financial distress

A previous post on this blog discussed how small southeastern Tennessee business owners who operate in their individual names can get help with their business debts through a Chapter 13 bankruptcy. This is because these debts are usually in the business owner's personal name, just like his or her house loan or personal credit card. As such, they can be repaid through a Chapter 13 repayment plan.

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