Bankruptcy exists so that people or businesses experiencing financial hardship can make a change for the better. Bankruptcy can stop collection activity, eliminate certain debts and lead to improved budgetary control for the filer. Despite the numerous benefits of...
Filing for bankruptcy when you don’t have a lot of debt
Filing for bankruptcy is not a decision that you should take lightly as it could impact your life for years to come. For instance, it's possible that you could lose equity in your Tennessee home or other assets that you currently own. Therefore, while you can file for...
Exposing myths about bankruptcy
Filing for bankruptcy will have a significant impact on your credit score and creditworthiness. It's also possible that you might cede property to your Tennessee creditors to help pay down your debts. However, for many, the process of seeking protection isn't as bad...
What you should know about Chapter 13
Your right to file for Chapter 13 bankruptcy in Tennessee will be subject to certain conditions. There are a number of legal and practical requirements that you will be required to meet. This type of bankruptcy may be right for your needs if you are currently...
Filing for bankruptcy means a fresh start and new outlook
For months, you weighed the positives and negatives of filing for personal bankruptcy. One of your biggest fears is how others will view you. You suspect that you will be harshly judged. But the first psychological step you must take is to erase that thought from your...
What you need to know about Chapter 7 means test in Tennessee
When you apply for Chapter 7 bankruptcy in Tennessee, the court must determine if you are capable of paying back your creditors. So they will conduct a test known as a "means test," which, if you pass, you'll be able to clear your debt through the Chapter 7 bankruptcy...
What is a bankruptcy certificate, and why is it needed?
Many Tennessee consumers have misconceptions about bankruptcy and view it as something negative. However, it can help when you’re struggling with sizable debt. When you want to file, you need a bankruptcy certificate. The bankruptcy certificate explained A bankruptcy...
What to know about the automatic stay
When you file for bankruptcy in Tennessee, you will receive an automatic stay of creditor collection activities. As a general rule, this means that your creditors cannot contact you about a debt, proceed with a lawsuit or foreclose on your home. The stay typically...
Two reasons bankruptcy is an opportunity for success
Bankruptcy. It is a word that often triggers thoughts of failure. But should it? There is a strong argument that this is the wrong way to look at bankruptcy. Instead of seeing it is a failure, it is important to see bankruptcy as an opportunity. How could bankruptcy...
Preparing a Chapter 13 payment plan in Tennessee
When filing for Chapter 13 in Tennessee, you must also submit a repayment plan to the court showing how you intend to clear your debts. The amount you will pay monthly or bi-monthly will depend on your income, revenues, and expenses. Here's how you prepare to pay back...