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November 2016 Archives

What is the role of a bankruptcy trustee?

When a Tennessean gets too far into debt, one option is to file for bankruptcy under Chapter 7. Filing can put an immediate halt to a creditor's debt-collection efforts while starting the process towards a fresh financial future. One player in that process is a bankruptcy trustee. What is the trustee's role?

Filing bankruptcy ... Can you keep the car?

When people reach a financial situation where they have to consider bankruptcy, there can be a lot of fear and uncertainty. What of their assets are they allowed to keep? Will filing for Chapter 7 or Chapter 13 result in a loss of home equity or worse, home ownership? Can a person who files for bankruptcy still own a car or other personal vehicle?

Can bankruptcy wipe away secured debt?

Not all debt is created equal. Some debt is secured; others are not. That distinction can have important ramifications for Tennesseans considering whether to file for bankruptcy. To learn more about how bankruptcy handles secured debt, whether filed under Chapter 7 or Chapter 13, keep reading.

Concealing assets during bankruptcy is a bad idea

For some Tennesseans, making the decision to file for Chapter 7 bankruptcy is hard. For others, the call is easy to make. Whichever camp a person falls in, the next step is to prepare. And that begins with identifying assets so they can be listed in the bankruptcy filing. But, some people play fast and loose with this step; some people leave assets off their filing. What are the consequences of doing so?

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

Toll Free: 888-376-0282
Phone: 423-933-1606
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