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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.

How does bankruptcy affect a personal credit score?

Most large lenders, such as banks, credit unions and similar organizations, use a number called a "credit score" to decide whether to loan money to a particular person. A high credit score makes it easy to borrow money, whereas a low credit score makes borrowing burdensome and often impossible. People in eastern Tennessee often wonder how filing a bankruptcy petition will affect a credit score.

Understanding medical bankruptcy

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.

Getting a bankruptcy proceeding started on the right foot

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.

What is an agricultural bankruptcy?

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.

What information is required in a Chapter 7 bankruptcy petition?

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.

Comparing Chapter 7 bankruptcy with Chapter 13 bankruptcy

Many individuals in eastern Tennessee who are wondering about filing a bankruptcy petition are often puzzled by the differences between a Chapter 7 and a Chapter13 proceeding. Depending upon a person's individual financial situation, the differences can be subtle and complex, but understanding certain major features of each type of proceeding can help make a sensible decision.

Understanding reaffirmation agreements

When residents of Bradley County contemplate filing a bankruptcy petition, one of their most bothersome concerns is whether they can keep their house or automobile. The bankruptcy process provides several alternatives for keeping essential assets, but one of the most important techniques is executing a reaffirmation agreements in which the debtor agrees to keep making payments on a loan secured by a lien or mortgage.

How can bankruptcy help the average wage earner?

Filing for bankruptcy is often touted as a miracle cure for financial troubles. Many people in Bradley County wonder how a complicated federal statute can repair years of overspending and poor financial decision making. The answer is two-fold: bankruptcy is not a miracle, but in the right circumstances, it can provide additional time to negotiate with creditors and perhaps reduce the amount of outstanding debt.

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