Chapter 13 bankruptcy is sometimes referred to as reorganization bankruptcy. It allows a person to pay off debts over a predetermined period of time, typically three to five years. It is ideal for a wage earner with good income who is having trouble making payments on time. One of the advantages of a Chapter 13 bankruptcy is that it allows a debtor to keep certain assets, such as their home and car.
A number of Tennessee residents are battling with debt, whether it be from medical bills, credit card balances or student loans. Understanding the impact that this debt is having on their workers, a number of companies around the United States are offering to help pay off employee debt.
We like to blog about celebrities who have used bankruptcy to get out of tough debt situations. We think it's important to remember that we all face hardships and make mistakes in our lives.
Tennessee residents who are considering filing for bankruptcy may have several available options. One possibility is to file for Chapter 7 bankruptcy, which is also referred to as a liquidation bankruptcy. In this type of filing, nonexempt assets are sold off with the money used to repay creditors. A key benefit of Chapter 7 protection from creditors is that debts are generally discharged in a matter of months as opposed to a matter of years.
Though we're not far into 2019, there have already been a slew of bankruptcy-related announcements this year concerning large companies. Many large businesses have struggled mightily to keep their heads above water.
Many of us are familiar with the stories of famous people who got rich and then seemingly "lost it all," declaring bankruptcy and tanking financially. Some of the best known are entertainers, business leaders and politicians.
Those between the ages of 18 and 29 owe $1.05 trillion to creditors. Tennessee residents and others in this age group have student loan, credit card and auto loan balances in addition to other types of debt. However, they owe less overall than other age groups. Those who are between the ages of 30 to 39 have a collective debt balance of $2.9 trillion.
We all know that being in debt isn't fun. And most of us understand that prolonged financial problems can put great stress on us and our families. But what, specifically, does that stress DO to us psychologically and physiologically? It's a tough question without easy answers.
If you are more than a month behind on your mortgage payments, you have likely received a barrage of scary letters from your mortgage servicer. Maybe you're behind because of an income loss -- a layoff, a decrease in your pay or a bad stretch for your business, perhaps -- or a divorce, or even an illness or family emergency. To your mortgage company, none of that matters; it just wants payments.