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.
If you attended college, did you have to take out loans? Student loan debt is one of the most common lingering financial burden Tennesseans face. While programs have been created to assist those floundering with repaying student loans, there haven’t been many options for those who simply can’t shoulder the overwhelming burden these high-dollar loans can cause years down the road. If you are considering bankruptcy, you may have heard that student loans can’t be discharged. However, there are currently some instances where a discharge of some or all the debt may be possible.
Is Discharge of Student Loans Possible?
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.
As consumers become aware of the benefits of bankruptcy, more people are choosing to pursue it. Many find it to be a helpful way to eliminate debt and get back on a healthy financial footing.
There are several steps people must take in order to complete the process in full, and missing any of them may be detrimental. Though many of the steps happen organically, there are a few in particular that require intentional participation on behalf of the filer.
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.
Sometimes individuals experience hardships in their lives that create financial worries. In such cases, utilizing the bankruptcy process can help them gain a fresh start.
If you or a loved one is considering undergoing the bankruptcy process, it is important to understand how it works and how it will affect you overall. Exemptions may have a strong impact on your bankruptcy as a whole. By understanding a few key things about exemptions, you may properly position yourself to gain from the bankruptcy process.
If you are thinking about filing for bankruptcy in Tennessee to get a fresh financial start and protect your home, cars and other assets from repossession, you should take some time to learn about the types of debts that are dischargeable. You may have many kinds of debt that you are struggling to pay. However, the type of relief you receive from those debts is dependent on your circumstances and the type of bankruptcy you file for.
Here is a brief overview on debts that are dischargeable in bankruptcy.
Foreclosure is among the top fears Tennessee homeowners face when they begin experiencing financial problems. In most cases, getting 3 or more months behind on your payments can spur mortgage companies to action, including stopping acceptance of any payments and beginning foreclosure.
Chapter 7 may not work
Filing for bankruptcy is a serious decision and one that most people resort to when they have exhausted other possible avenues for settling burdensome debt. You may be among those who are struggling financially but have heard terrible tales about bankruptcy and wonder if you should even consider filing. Here are five myths about this process that should be debunked.
One accident or prolonged illness can lead to medical bills that may be impossible for your family to overcome. Health care is quite expensive, and the cost of emergency or long-term care can overrun a victim and his or her family to the point that it affects other areas of their financial life. Medical bills are a real problem for many Americans, and they may be for you too. However, there is hope.
Even if you have health insurance, the accumulation of medical bills can quickly outpace your ability to pay. If you are left with a huge bill and are unsure of how you can manage all of your financial obligations, you should know that medical debts are eligible to be discharged through bankruptcy.
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Christopher Kerney Attorney at Law
519 South Water Avenue
Gallatin,
TN
37066
Phone:
615-206-3004
Fax:
615-451-0084
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