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Personal Bankruptcy Archives

Review of alternatives to the bankruptcy process

At our law office, we believe that our clients deserve the opportunity to explore all options for resolving their debt should they run into financial trouble. While we do not hesitate to recommend bankruptcy to a southeastern Tennessee resident when that really is their best financial option, we also will not hesitate to let families know when they should consider trying another approach.

What does it mean to reaffirm a debt?

After a Bradley County, Tennessee resident files for a bankruptcy, he or she may get something in the mail called a reaffirmation agreement. These agreements are particularly common in Chapter 7 bankruptcies with respect to car loans and similar types of debt, although a debtor might receive one for a mortgage or other type of debt now.

People rarely file bankruptcy just because they spent too much

Even though the stigma surrounding bankruptcy filing seems to have diminished as time goes on, there is still a lingering impression that a Tennessee resident who files for bankruptcy does so because he or she simply spent too much money either through carelessness, or, in the worst case, with no intention of ever paying the money back.

Bankruptcy numbers remain high in Tennessee

Personal bankruptcy options include Chapter 7 liquidation bankruptcy or Chapter 11 reorganization bankruptcy. Depending on the unique circumstances and goals of the filing party, one option may be better than the other. Chapter 7 personal bankruptcy allows the filing party to liquidate assets that are not exempted from the process to repay creditors. Chapter 11 bankruptcy allows the filing party to reorganize their debts to repay over a manageable period of time.

Tennessee ranks 2nd for bankruptcies as they decline in April

Bankruptcy can be a challenging subject, but it does not have to be since it is designed to help struggling families and individuals. No matter a person's situation or reason for filing, bankruptcy can be a real and workable solution for many.

Chapter 7 bankruptcy can provide much-needed debt relief

The decision to file for bankruptcy can be a big step, but it does not have to be an especially unpleasant one. This blog recently discussed the increased number of bankruptcy filings and the high number of bankruptcy filings in Tennessee. Bankruptcy protections provide an important legal option for individuals struggling with the burden of overwhelming debt, allowing them to enjoy relief.

Bankruptcy filings on the rise in March

Bankruptcy is an important process for consumers and businesses. The bankruptcy process is a way to resolve debt problems, and it frequently provides new opportunities. Whether you are in consumer debt or business debt, filing for bankruptcy can be the major step to take to offer you a fresh financial start.

Newly released bankruptcy numbers show increase

Personal bankruptcy options exist to help when individuals are facing financial challenges in a struggling economy. While it is a challenging reality to accept and an extremely difficult step to take, filing for bankruptcy can be a real solution for those dealing with financial troubles in Tennessee and elsewhere.

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Richard Banks & Associates

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Cleveland, TN 37364-1515
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