Gallatin Bankruptcy Law Blog

Bankruptcy has grown increasingly prevalent across the United States. Small newspapers that fall within the Lakeway Publishers, Inc. umbrella, which produces content in Tennessee, Virginia and Missouri, has recently sought out Chapter 11 bankruptcy protection so it can continue providing local stories to state residents. 

Companies have numerous resources at their disposal to help them through bankruptcy proceedings. As an individual, the whole process may seem daunting, but the truth is that there are only a few legal concepts to familiarize yourself with. One important concept is the automatic stay, which stops all actions a creditor may take against a debtor. It is a major benefit of the proceedings, and it is one of the main reasons why many people pursue bankruptcy in the first place.

As tax season approaches, many people have concerns. For those facing or contemplating bankruptcy, this may compound these concerns.

There are important things to understand about bankruptcy before making certain decisions. In regards to a tax return, consider some aspects that may have a strong effect on your tax return.

Many people mistakenly think of bankruptcy and assume that it necessarily involves liquidation of all one's assets—including your home, car and anything else valuable you might own. On the contrary, there are several different bankruptcy options, and you can retain certain assets in many cases. In short, it is entirely possible to keep your car and successfully file for bankruptcy.

This depends largely on whether you elect to file for Chapter 7 or Chapter 13. In Chapter 7, you may be required to liquidate certain assets, but a car may be an exemption. In Chapter 13, all assets are protected from liquidation. Gain insight on how to keep your car during bankruptcy.

Countless people throughout the country come to the same realization every day: They have too much debt to realistically repay in their current situation. This moment of truth is often scary and overwhelming, but it is also a step towards the financial freedom you seek. You may be considering bankruptcy, and if so, you likely worry about whether you will be able to keep your home.

According to the Memphis Daily News, Tennessee leads the nation in bankruptcies with filings amounting to more than twice the national average. If you are considering bankruptcy, the following factors may impact your ability to retain your home.