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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.

What are the differences between Chapter 7 and Chapter 13?

Residents of eastern Tennessee who are considering filing a bankruptcy petition have two basic options: Chapter 7 or Chapter 13. The differences between the two chapters are significant and should be understood by anyone who is close to making a final decision about whether and how to file for personal bankruptcy.

Senior citizens turning to bankruptcy in growing numbers

Unfortunately, financial troubles can happen. When a person finds themselves in this situation, no matter their age, it is important to consider what options they have to deal with their growing debt and whether they can obtain a fresh financial start.

What is a deed in lieu of foreclosure and what are its benefits?

Residents of southeastern Tennessee who face financial difficulty are worried about losing their homes. In some cases, unfortunately, the loss in a foreclosure proceeding is inevitable. If a lender completes a foreclosure proceeding and takes possession, the borrower's credit rating will be severely damaged. And, if the property does not provide enough cash to pay the balance on the loan, the borrower may be hit with a deficiency judgment. That is a court finding that the borrower owes whatever amount is required to pay the loan in full. If foreclosure appears to be inevitable, a borrower may consider a deed in lieu of foreclosure.

Understanding mortgage foreclosures

Perhaps, no single word is as terrifying to a Tennessee homeowner as "foreclosure." Anyone who is behind on mortgage payments fears that the lender may commence a foreclosure proceeding at any time. And, the family home may be lost, which means that a bankruptcy will ensue. Fortunately, the reality of the foreclosure process is less harsh than most people imagine.

Important limits on the reach of the automatic stay in Tennessee

This blog has frequently mentioned the importance of the automatic stay under Section 362 of the United States Bankruptcy Code as a method of halting collection efforts by the debtor's creditors. The automatic stay goes into effect immediately upon the filing of the bankruptcy petition, and after the petition is filed, no creditor can pursue a collection action or request payment of an existing debt from the debtor. In spite of this enormous benefit, the automatic stay has important limitations that should be understood by anyone who wants to use it as a shield against creditor's claims.

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