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August 2016 Archives

Can taxes be discharged through Chapter 7 bankruptcy?

When debts pile up, the size of those obligations can cast a shadow that makes it hard for Tennesseans to comply with their other financial requirements, including the paying of taxes. That raises a question for Tennesseans harboring both regular debt and tax debt: Does completing the Chapter 7 bankruptcy process discharge both types of debts or just regular debts?

When Tennessee residents seek bankruptcy protection

Some Tennessee residents envision filing for bankruptcy as the first step towards having everything they own being taken away from them. They see creditors taking back the car, the house and everything else. However, the truth is far different. When a person files for bankruptcy, certain bankruptcy exemptions exist that allow a person to keep some, even a lot, of their hard-earned property.

Parental Bankruptcy And College Tuition

Many parents dream of being able to send their kids off to a good college, and not have them worry about massive debt when they graduate. In some cases, parents align their financial priorities to pay for the tuition bill at the expense of their own bills. At times this approach has resulted in those parents being forced to seek relief via a Chapter 13 bankruptcy.

Many Tennessee residents seek bankruptcy protection

Tennessee residents are faced with major financial decision throughout their lives. Some apply for mortgages, others apply for car loans. Some will open up credit card accounts, and other will focus on saving for retirement. No matter the variety of choices that are made, one thing is true: if a debt situation becomes too burdensome, many Tennessee residents may able to file for bankruptcy.

What does a bankruptcy trustee do?

When a Tennessee resident files for bankruptcy, whether under Chapter 7 or 13, one of the first steps in the process is the appointment of a trustee. Who is a trustee? A trustee is a person with no connection to the filer or creditors who is selected or appointed to manage the filer's property and perform other legal duties during the bankruptcy process.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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