Many people in Tennessee are eligible for Chapter 7 bankruptcy if they'd like to use it, but there are a few things that could make you or your debt ineligible. It's important to note what these things are so that you know if you can file or not.
A man who is now living in Jackson, Tennessee, is fighting in court to keep from having to pay around $1.3 million for a loan that he took out for $800,000. He took that business loan out before the recession, using it to help his trucking company, but he had to declare bankruptcy when the economy declined.
Are you facing a lot of student loan debt in Tennessee? Many students are, and you may be looking for a way out. Chapter 7 bankruptcy is a type of bankruptcy also known as liquidation that erases debt after assets are sold. So, can you use this to get rid of your student debt?
Filing for bankruptcy protection can be a very big decision and it is one that should not be made lightly. Bankruptcy is a very effective -- but still very aggressive -- way to handle unmanageable debt and it will have a long-term impact on your financial goals.
There are millions of people across the U.S. who are struggling with debt. In some cases, the debt stems from spending beyond financial means, but for many people in Tennessee, the debt stems from extraordinary -- and unexpected -- expenses.