If you are looking to get out from underneath an overwhelming amount of debt, but your income prevents you from a reorganization bankruptcy, you may be looking into Chapter 7 bankruptcy. Chapter 7 is known as a liquidation bankruptcy. In liquidation, your property is...
Surprising facts about Chapter 7 bankruptcy
Constant calls from creditors and increasing debt can make you feel stressed and overwhelmed. You may have thought about filing for bankruptcy but did not because you are afraid it might hurt your credit score. Trying to find a solution that best fits your financial...
How many people file for bankruptcy?
Filing for bankruptcy can be a good option for relieving crippling financial debts. When someone encounters tragic and costly experiences like a massive medical bill, bankruptcy may be their only way to recover and move forward. In 2019, more than 750,000 people...
Student loan debt discharged in bankruptcy case
Many people in Tennessee and across the country struggle with massive amounts of student loan debt. Historically, there have long been serious difficulties in discharging this debt in bankruptcy, even as the process can work effectively to handle other forms of...
The potential aftermath of a Chapter 7 case
Filing for Chapter 7 bankruptcy may help Tennessee residents and others eliminate some or all of their debts. However, some debts such as payroll taxes owed or back child support cannot be eliminated in a Chapter 7 filing. It is also unlikely that student loan debts...
Student loans often aren’t discharged in bankruptcy
Americans owe a total of $1.59 trillion in student loan debt. However, many Tennessee residents and others who carry student loan balances won't be able to discharge them in bankruptcy. For some, it is because they don't qualify to file for Chapter 7 bankruptcy....
Medical debt pushes many toward bankruptcy
Over 137 million Americans in Tennessee and nationwide are struggling with the crushing weight of medical debt. Despite widespread concern about the broken nature of the nation's health care system and the passage of the Affordable Care Act, people continue to...
Avoiding extra debt on Black Friday
Every year, people in Tennessee flock to the stores on Black Friday and head to their favorite websites on Cyber Monday in the hopes of saving money on holiday gifts and other products. While the deals offered on Black Friday can be appealing, they can contribute to...
Bankruptcy may help debtors avoid tax bills
Until 2018, homeowners in Tennessee could cancel up to $2 million in mortgage debt without incurring a tax bill. This was true for those who lost a primary residence through a short sale or foreclosure. However, this perk expired at the end of 2017 and is unlikely to...
Filing for bankruptcy can cost thousands
Filing for bankruptcy in Tennessee and other states can cost up to $4,000 after accounting for filing and attorney fees. Those who are filing for Chapter 7 bankruptcy will pay a filing fee of $335 in addition to paying an attorney up to $1,500. Debtors who are seeking...
