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Considerations in choosing bankruptcy

No one in Tennessee plans to end up bankrupt, but unexpected life events, such as illness, divorce or loss of a job, may force individuals to seek the protection of federal bankruptcy laws. While bankruptcy is often perceived to create a social stigma, it may be a better choice than persevering under a heavy debt load.

Understanding wage garnishment in Tennessee

Wage garnishment is one of the most misunderstood collection practices in Tennessee. The procedure is commonly used by parties who have obtained a court judgment for money to collect the amount due from the person who owes the money, i.e., the judgment debtor. Filing a bankruptcy petition is usually the most effective way to stop garnishment.

How bankruptcy provides prompt relief in a financial crisis

No one in Tennessee really plans to become bankrupt, but unexpected life events, such as a major illness or loss of a job, can create a financial crisis that may seem insurmountable. Fortunately for people who are facing such a crisis, the United States Bankruptcy Code provides relief.

How the automatic stay works in a personal bankruptcy

For many people in southwestern Tennessee, bankruptcy seems like a black hole. After a person takes the plunge, what happens to the family home, the car, furniture and other personal possessions? The answers to these questions may vary, depending upon a person's particular financial situation. One beneficial feature of the bankruptcy code is, however, common to all bankruptcy proceedings: the automatic stay.

What happens to one's house if they file a bankruptcy petition?

One of the first questions asked by Tennesseans contemplating filing a bankruptcy petition is, "What happens to my house?" The answer depends on which chapter the Bankruptcy Code is used to seek relief and on the debtor's personal financial situation.

Comparing federal and Tennessee bankruptcy exemptions

One of the most important questions that must be answered when a resident consults an attorney about filing a bankruptcy petition is what exemptions should be used. Both state law and federal law permit debtors to declare certain assets exempt from creditors' claims in a bankruptcy proceeding, but the two lists are not identical. Moreover, a debtor must choose between a federal exemption and the state exemption for particular assets.

Exemption planning as part of the bankruptcy process

One of the most basic services our law office offers Bradley County, Tennessee, residents is helping a debtor fill our his or her bankruptcy forms correctly. Indeed, bankruptcy clients have the right to expect that their attorneys will make sure that their official forms will be accurate and complete. If they are not, it can land the debtor in to a lot of trouble and even keep them from being able to get debt relief.

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.

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Richard Banks & Associates

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Cleveland, TN 37364-1515
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