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These situations can lead to bankruptcy

Many people live paycheck to paycheck and can't save a large sum of money. This can lead to considerable financial difficulties if they are ever laid off or have to take time off work for any reason. For some individuals, there isn't any option to recover on their own. They may turn to bankruptcy as their answer.

Understand the means test for Chapter 7 bankruptcy

A person who's going to file for bankruptcy has two main options for doing this. One of these is Chapter 13, which requires you to make regular payments to the bankruptcy court. The other is a Chapter 7, which liquidates nonexempt assets to pay off debts. The catch to the Chapter 7 is that you have to pass the means test before you can file.

Refinancing might be challenging after a bankruptcy

People who keep their home during bankruptcy often wonder when they'll be able to refinance their mortgage. Being able to do this can sometimes lower the monthly payments or get you a new interest rate. What some people don't realize is that they have to wait a certain period after the bankruptcy before they can refinance.

Medical costs are a crushing problem in the United States

The cost of health care in this country is astronomical compared to some other countries. According to presidential candidate Bernie Sanders, the United States spends "twice as much per capita" on these expenses as what others spend. One issue that's coming up quite often now is how this cost of medical care is leading to personal financial crises.

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.

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