If you are struggling with debt as a Tennessee consumer, you might wonder whether filing for bankruptcy is the right choice. Before you decide, it can be helpful to understand the difference in Chapter 7 and Chapter 13 bankruptcy so that you will know what to expect...
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Chapter 7 Bankruptcy
The differences between Chapter 7 and 13 bankruptcy
Memphis residents who are thinking about filing for bankruptcy have several key decisions to make. However, the biggest decision may be whether to file for Chapter 7 or Chapter 13 protection. Let's take a look at the key differences between these two options and how...
Bankruptcy and the automatic stay
Memphis consumers who become overwhelmed by debt often wait a long time to file for bankruptcy. It’s common for people to take on more debt to repay existing obligations and even let some of their accounts go into collections before they seek help. The result of these...
The Chapter 7 bankruptcy means test
People in Tennessee that are having serious problems managing their debt may decide to file for personal bankruptcy. Chapter 7 bankruptcy may wipe out most of a debtor’s consumer debts so that they can get a fresh start. However, the bankruptcy court will only approve...
What happens to Social Security benefits in bankruptcy?
Filing for bankruptcy can be a difficult decision for many Memphis-area residents, and especially when part of the household income is Social Security benefits. There are many people in the region who are apprehensive about actually filing for protection from...
How may a Chapter 7 bankruptcy affect keeping my car?
A Chapter 7 bankruptcy may not require you to give up your vehicle, even while paying off a car loan. As noted by Experian.com, you may continue financing your vehicle if its equity does not exceed Tennessee's wildcard exemption. Tennessee generally allows Chapter 7...
How do Chapter 7 and Chapter 13 bankruptcies differ?
When your debts start spiraling out of control due to medical emergencies, job loss or other circumstances, you may feel as if you have reached the end of your rope. You may feel especially stressed if you have creditors calling you at home or at work, in which case...
Your 401(k) when filing for bankruptcy in Tennessee
Tennessee residents filing for bankruptcy know how stressful the process can be. There are lots of questions about which assets and accounts will be impacted by the bankruptcy claim, including your 401(k) and other retirement accounts. Thankfully, retirement accounts...
Caring for family members may lead to financial issues
Medical emergencies often require taking time off from work to provide care for a spouse, parent or child. Under the Family and Medical Leave Act, employees can take up to 12 weeks off for caregiving and keep their jobs. Many companies, however, do not provide pay...
How does Chapter 7 bankruptcy affect your dog?
Because they make excellent companion animals, dogs are commonplace in Tennessee and across the U.S. In fact, the American Veterinary Medical Association estimates that almost 40% of all American households have at least one pooch. Still, because of food, medical...