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chapter 7 bankruptcy Archives

Is there a racial component to Chapter 7 Bankruptcy?

Financial strain can happen to any Tennessee resident, regardless of race, gender, age or other classification. According to researchers, however, some consumers may be treated differently than others when it comes to seeking Chapter 7 bankruptcy or other bankruptcy protections. Understanding these issues can help consumers find the right resources to guide them through the process. 

Chapter 7 bankruptcy for home-based businesses

It appears that many women who operated home-based businesses centered on selling Lularoe products have filed for bankruptcy. At least 24 Chapter 7 bankruptcy cases have been identified where the filer listed Lularoe as the business entity or part of the filer's home-based venture. For those in Tennessee who own and operate a business from home, a sudden change in market or other conditions could prompt a need to seek bankruptcy relief.

Taking care to prevent accusations of Chapter 7 bankruptcy fraud

Faced with mounting debt and a limited ability to repay those obligations, many Tennessee residents will consider seeking bankruptcy relief. For most, that process will be completely unfamiliar. Having never gone through a bankruptcy filing in the past, most consumers find the paperwork and other aspects of Chapter 7 bankruptcy overwhelming. While moving through the bankruptcy process, it is absolutely critical to avoid errors and omissions that can lead to accusations of fraud.

Is Chapter 7 bankruptcy advice held back from some?

A recently published article takes a disturbing look at how bankruptcy services are made available to individuals who are in dire financial straits, and the picture that is painted is one of unfair treatment toward African Americans. The report focused on how African American residents in one Tennessee city were not counseled on their options when looking for bankruptcy services. In many cases, consumers ended up filing for Chapter 13, when Chapter 7 bankruptcy would have provided far better relief.

Can Chapter 7 bankruptcy save an inheritance?

Many Tennessee residents will encounter some form of severe financial difficulty at one time or another. The timing of that misfortune can make a world of difference in one's financial future. In fact, without careful planning, it is possible for an individual to lose the entirety of his or her inheritance. A well-timed Chapter 7 bankruptcy can prevent that outcome, and is an option that individuals may want to consider.

Weighing Chapter 7 bankruptcy against debt settlement

For those in Tennessee who are burdened with heavy loads of debt, there are several available options to find relief. One involves filing for Chapter 7 bankruptcy, a process that is never one's first choice. Another option is pursuing debt settlement, which is a path that may seem very appealing to many consumers. It is important to understand the differences between bankruptcy and debt settlement prior to making a choice.

Will Chapter 7 bankruptcy destroy retirement savings?

Deciding how to address overwhelming debt can be a challenge, especially for Tennessee residents who are approaching retirement age. Understanding how a Chapter 7 bankruptcy filing will impact retirement savings is a top priority for many consumers, and an important part of the decision-making process. The following information is offered to assist consumers in understanding how their retirement savings will be impacted by bankruptcy.

Chapter 7 bankruptcy can be a good fit for many senior citizens

No matter how hard an individual works, or how carefully they manage their money, there are a multitude of ways that financial issues can get out of hand. This is especially true for seniors, who face a unique set of challenges when it comes to financial security. When circumstances are not favorable, many older Tennessee residents can find themselves in need of effective and lasting debt relief. Chapter 7 bankruptcy is one way that seniors can regain financial stability as they move through their retirement.

When Chapter 7 bankruptcy is removed from credit reports

For many Tennessee residents, one of the most difficult aspects of filing for personal bankruptcy is concern over how that decision will impact their credit score. From the time of early adulthood, Americans are urged to develop and maintain a positive credit rating. It is undeniable that Chapter 7 bankruptcy will lead to an immediate drop in credit scoring. However, that decline can be improved over time, and the bankruptcy will eventually fall off of one's credit report altogether.

Chapter 7 bankruptcy and the Affordable Care Act

It is difficult to turn on the television or open a newspaper without being bombarded with opinions surrounding the repeal or replacement of the Affordable Care Act. A great deal of effort is being put toward finding a health care approach that will provide the greatest good to the greatest number of Americans. For many in Tennessee, medical debt is a serious financial problem, one that is exacerbated by a lack of quality health insurance coverage. Recent research suggests that the Affordable Care Act not only provides health care to millions of Americans, but also has helped many people avoid Chapter 7 bankruptcy.

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