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Study finds student loans a huge factor in personal bankruptcies

For many people struggling with their finances, Chapter 7 bankruptcy is the quickest, most effective way of discharging their debt. It can help with unpaid credit card balances, medical bills and other forms of debt. Unfortunately, it doesn't work for everyone, and it doesn't eliminate every type of debt.

Bankruptcy may help you save your home

Residents of Eastern Tennessee who are experiencing financial troubles probably worry most about losing their homes. One of the most common questions regarding bankruptcy is whether the bank holding the mortgage on a home can commence foreclosure proceedings and reclaim the house. The answer to this questions is not a plain "yes" or "no." The answer depends upon many factors, including the type of bankruptcy petition that the homeowner files.

How does bankruptcy affect a person's credit rating?

Most people in Eastern Tennessee contemplating bankruptcy are aware that they have credit scores that are used by potential lenders to determine whether the person should be loaned money and what interest rate they should be given. The uncertain piece of the puzzle is the effect the bankruptcy filing has on a person's post-bankruptcy credit score.

Understanding the effect of the automatic stay in bankruptcy

For people in eastern Tennessee, the filing of a bankruptcy petition under either Chapter 7 or Chapter 13 can feel like the first step on a long, dark and unpredictable journey. In reality, the decision to seek relief from debt via a bankruptcy proceeding will produce several immediate benefits. One of the most important is the automatic order for relief and the automatic stay.

Understanding Tennessee's bankruptcy exemptions

Anyone in our state who is wondering about the wisdom of filing a Chapter 7 bankruptcy should make an effort to understand the kinds of assets that cannot be claimed by creditors. These assets are usually referred to as "exemptions" because they are exempt from the claims of creditors.

How to make a Chapter 13 bankruptcy work

Many people in Eastern Tennessee are aware that the United States Bankruptcy Code offers individuals two choices: Chapter 7, in which most debts will be discharged, or Chapter 13, in which the debtor undertakes to fulfill the terms of a plan for paying off debts over a period of 3 or 5 years. Chapter 7 requires the debtor to pass a "means test" by showing that his or her monthly income is below the median income in our state. Chapter 13 has no such test, and it provides a method to escape financial catastrophe for anyone with a regular income.

Thirteen tips for recovering after a bankruptcy

Many people in Bradley County regard a bankruptcy as an indelible stain on their credit history, and some even believe that bankruptcy is a stain on their personal reputation. Bankruptcy can surely have an adverse effect on a person's credit rating, but the effect does not need to be permanent. People who are knowledgeable about consumer lending and bankruptcy have several guidelines for resurrecting a damaged financial reputation.

Debts that cannot be discharged in a bankruptcy

When a resident of Tennessee files a bankruptcy petition, their primary object is to obtain a judicial order stating that their financial obligations have been discharged, i.e., that the debts do not need to be repaid. In most bankruptcy proceedings, the bankruptcy court will issue an order at the end of the case identifying which debts have been discharged and which remain enforceable.

Bankruptcy filings on the rise in eastern Tennessee

People who are on their way to file a bankruptcy petition at the federal courthouse in Chattanooga often feel as if they are the only ones on this path, that no one else has hit financial rock bottom as hard as they have. The truth, however, is diametrically opposite to such feelings.

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