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Personal Bankruptcy Archives

What is a "personal exemption" in bankruptcy?

When residents of eastern Tennessee consider filing a petition for bankruptcy, one of their first questions is usually whether they will lose any property in the process, and the family residence is the largest and most important asset a family owns in many cases. Other important assets include the family car and personal effects, such as furniture, tools and equipment. The answer to the question of property loss depends upon the value of the assets and the bankruptcy filer's personal financial situation.

Bankruptcy's "fresh start" is a myth to many debtors

Bankruptcy filers in Tennessee and elsewhere are having surprising difficulty shaking off old financial habits and truly escaping from the overburden of debt that has cramped their lives. According to several studies of the status of the post-bankruptcy financial status of persons who have obtained relief under either Chapter 7 or Chapter 13, the discharge of their debts has not provided the immediate financial relief that they expected. The reasons are diverse.

Borrowing money after a bankruptcy discharge

When residents of Western Tennessee file a petition for a Chapter 7 bankruptcy, they ordinarily look forward to the day when the order for discharge is entered, making them debt free. Another reason for looking forward to the discharge order is the chance to rebuild a credit score and obtain a fresh financial start. And, according to a recent report, a bankruptcy may be one of the best times to borrow money to begin the process of rebuilding a credit score.

Hospitals' collection actions against patients are on the rise

An increasing number of Tennessee residents are finding themselves caught between unpaid medical bills and the prospect of bankruptcy. Recent studies indicate that hospitals are going to court to collect unpaid medical bills in rapidly increasing numbers. The hospitals say they are suing only ex-patients who have the financial means to pay the bills, but researchers disagree.

What debts cannot be discharged in a personal bankruptcy?

As most residents of Eastern Tennessee realize, the bankruptcy code is intended to give people a fresh financial start by providing a remedy that relieves them of the burden to pay debts that they can no long afford. While both a Chapter 7 and a Chapter 13 bankruptcy proceeding may provide this remedy, a prospective bankruptcy filer should be aware that some debts cannot be discharged in a bankruptcy proceeding.

Can employers discriminate against employees based on bankruptcy?

Many people who are feeling overwhelmed by their debt are reluctant to get the legal help they need because they fear the stigma associated with bankruptcy. This can be a mistake, and is largely based on a misconception.

Study finds long-term mental health effects from Great Recession

It has been 10 years since the Great Recession, when millions of Americans lost their jobs, their savings and their homes as a housing market bubble burst, sending the global economy into a tailspin. Though the recession officially ended in June 2009, the effects linger on. As a recent psychological study shows, for many people those effects go beyond the purely financial.

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