One of the reasons you may be considering filing Chapter 7 bankruptcy in Tennessee is that you believe Chapter 7 discharges your credit card debt. But is this always true?
As a resident of Tennessee, you have several options available if you decide to file for bankruptcy. Chapter 13 and Chapter 7 are the two most commonly talked about. However, before you file for bankruptcy, you should understand that not every debt you hold may be considered dischargeable.
Getting a divorce is difficult enough without experiencing money problems on top of it. Unfortunately for many residents of Tennessee and elsewhere, financial peril is common after a divorce. As you may already know, this can be especially true for women.
After a bankruptcy in Tennessee, a person may have mixed emotions. While it feels good to be out of debt and not get frequent and harassing calls from creditors, it may be overwhelming to think about what comes next.
If you are a Tennessee senior facing serious financial difficulties, you are not alone. If you have begun to think about bankruptcy as your only real option, again, you are not alone. In fact, you are part of a new nationwide phenomenon: gray bankruptcy.
Before you go any further towards your goals to reduce and manage your debt, you should stop to congratulate yourself. By thinking seriously about bankruptcy or debt consolidation, you have already made a small victory that sets you apart from many Tennessee residents.
While the national and global economy continues to be relatively strong, financial burdens are still everyday realities for many residents in Tennessee. If you find yourself cringing every time another bill or statement arrives, you are far from alone. One thing you might be starting to consider is pursuing debt relief via a bankruptcy. Before you make this choice, however, it is important to assess not only the amount of your debt but the type of debt you owe. Understanding this will help you choose the right path forward.
People in Tennessee who struggle to stay on top of their debt know how stressful this situation can be. Regardless of the reasons that contribute to a person's inability to pay bills and other debts, there should be a way to get help and be able to start over. For many consumers in the United States, a Chapter 7 bankruptcy or a Chapter 13 bankruptcy may offer this chance. For others, however, they may not even be able to afford a bankruptcy, precluding them from getting the very help they need.
According to FindLaw, up until late 2005 bankruptcy judges could use their discretion to decide whether a debtor qualified for Chapter 7 bankruptcy. As a result, the majority of bankruptcy filers chose to file for Chapter 7 even if they were fully capable of repaying their debt under a Chapter 13 repayment plan. To weed out filers who can afford to repay some debt, all states, Tennessee included, have adopted filing criteria for Chapter 7.
Once you start your Chapter 7 bankruptcy in Tennessee, you will learn a lot of new terms and vocabulary. Many of the processes will have legal terms or bankruptcy-specific language, and it is important that you understand what these things mean. One such phrase you will hear is the meeting of the creditors, which may also be called a 341 hearing, according to Bankrate.