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chapter 7 bankruptcy Archives

Think Chapter 7 bankruptcy will ruin future finances? Think again

Many Tennessee consumers struggle with certain types of debt, particularly unsecured debt like medical and credit card debt. These balances can quickly grow beyond a person's control, leading to financial stress, accumulating interest and calls from debt collectors. Filing for Chapter 7 bankruptcy can help a person discharge many types of unsecured debt.

Chapter 7 Bankruptcy can be a lifesaver after a summons is served

When a lawsuit is started in Tennessee and other states, the papers must be filed in the court house and served on the person who is being sued. A summons is usually included with those papers, and it tells the defendant how and when to respond to the lawsuit. When the summons and complaint have to do with a claim for back credit card debt or unpaid medical bills, Chapter 7 bankruptcy is often called upon to perform its highly effective debt relief remedies.

Overcoming reservations in filing for Chapter 7 Bankruptcy

There are many families in Tennessee who are constantly struggling under the weight of overwhelming amounts of debt. In the pursuit of relief, some may wish to explore the benefits of filing for Chapter 7 Bankruptcy, but they might have concerns that the process will only make matters worse. However, such concerns might be unnecessary, and those who file for bankruptcy might be able to begin rebuilding their credit shortly after the process is completed.

Proposed changes concerning student loans in Chapter 7 bankruptcy

With the ever-increasing costs associated with college tuition, the price of pursuing a higher education has left many facing prolonged periods of monetary struggle. When coupled with other forms of debt, such as credit card and medical bills, high amounts of student loan debt could leave a person in Tennessee living a lesser quality of life. While discharging student loans in Chapter 7 bankruptcy could prove challenging at times, proposed changes to bankruptcy laws could provide many students with some much-needed relief if they are passed into law.

Seeking guidance on what to expect re Chapter 7 bankruptcy

Many individuals in Tennessee and elsewhere have experienced prolonged periods of financial strain. Unfortunately, those in search of relief from similar issues may be hesitant to consider certain options, perhaps out of uncertainty of how their financial futures will be affected. By gaining a better understanding of the process of filing for Chapter 7 bankruptcy, a person could become better prepared to make informed decisions concerning his or her financial future.

Chapter 7 Bankruptcy is not an end, but it is a new beginning

Life after bankruptcy in Tennessee and other states can be better than it was before the bankruptcy. Contrary to urban legends and exaggerated rumors, one is not prevented from having financial accounts going forward. The main feature of the aftermath of a Chapter 7 bankruptcy is instead the peace of mind that comes from erasing overwhelming unsecured debt, such as all credit cards, unsecured personal loans and medical bills. 

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.

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