When a financial situation becomes so dire that covering debts is impossible, a Tennessee resident might seek protection under federal bankruptcy laws, such as by filing Chapter 7 bankruptcy. Those who meet the requirements can take the necessary steps to eliminate...
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What is a cramdown in a Chapter 13 bankruptcy?
When Tennessee consumers file Chapter 13 bankruptcies, they pay down their debts by making monthly payments for three or five years. When one of those debts is secured by a car, boat or other asset, they can include what is known as a cramdown in their Chapter 13...
Common indicators showing that you should file for bankruptcy
Many Tennessee residents have money issues and end up falling into debt. This can lead to a slew of problems that can overtake your daily life. These are common signs that it’s time to file for bankruptcy to alleviate your financial burdens. You’re struggling to pay...
Will I lose my car if I file for bankruptcy?
If you have considered filing for bankruptcy in Tennessee, you may wonder what may happen to your car after you do so. Depending on the type of bankruptcy you choose, you may not have to surrender your vehicle so you will maintain a steady means of transportation. The...
Why you should not pay off Chapter 13 bankruptcy plans early
Bankruptcy allows people to seek relief from large amounts of debt. If you're going through Chapter 13 bankruptcy in Tennessee, it's understandable to want this burden off your shoulders right away. That said, paying off your bankruptcy plan might not be as smart as...
The bankruptcy exemptions in Tennessee
When Congress drafted the nation’s bankruptcy code, lawmakers created a list of exemptions that allow individuals to protect certain assets when they seek debt relief. The bankruptcy code also allows state lawmakers to create their own exemptions. In some states,...
How diabetes contributes to medical debt
In Tennessee and other southern states, many individuals have diabetes or other chronic illnesses, with treatment costs contributing to high medical debt. A lack of adequate assistance from financial programs such as Medicaid has exacerbated the issue. The disease and...
Appeals court rejects attempt to block student loan settlement
More than 200,000 borrowers in Tennessee and around the country could soon see their student loans discharged. On March 29, the U.S. Court of Appeals for the Ninth Circuit paved the way for about $6 billion in student loans to be forgiven when it denied a request from...
Filing Chapter 7 bankruptcy
Memphis residents can consider filing for Chapter 7 bankruptcy when their debts become overwhelming. This type of bankruptcy wipes out several forms of debt, including medical bills and credit card debt. People choose this type of bankruptcy because it offers a fresh...
Understanding credit repair
According to studies, approximately 68 million Americans deal with bad or poor credit. For Tennessee residents with poor credit, buying a home, purchasing a vehicle, and various other tasks become impossible. Fortunately, credit repair options allow those with poor...