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May 2017 Archives

Don't let fear of losing assets keep you from debt relief

We spend years gathering things-the car given by parents on graduation day, the china dinnerware you got on your wedding and the vintage ring your grandmother gave you. Many Tennessee residents may lug their prized possessions around from city to city as they move around for various reasons. This is why the idea of filing for bankruptcy may be daunting-as mentioned in last week's post, many are under the impression all assets must be given up in a bankruptcy filing. But this is not the case.

Can I keep my stuff if I file for bankruptcy?

Even while dealing with overwhelming and insurmountable debt, many Tennessee residents do not file for bankruptcy because they fear that taking this step will require that they give up their property. In reality, you may be able to keep most of your assets and still enjoy the benefits of seeking bankruptcy protection.

Exceptions to creditors' levy of bank accounts in Tennessee

Being in debt can be a very stressful situation. Having to worry about making payments that one knows cannot be made, whether due to unemployment, large medical expenditures, or other sources will wear on any Tennessee resident. Eventually, such debtors may also start to consider that their creditors may attempt to come after any property they may have. This may include real estate or personal property, and especially any 'cash' the debtor holds, even if it is in the form of electrons in a bank account.

Is there an exception to 'wildcard' bankruptcy exemptions?

It is a sad reality of modern American life that it presents many opportunities to fall into debt. Whether one owes money to credit card companies, hospitals or other medical professionals, or has gotten behind on mortgage payments, being in debt is generally no fun. A period of unemployment, failure of a business, or a chronic sickness can all be factors in creating such a situation for Tennessee residents.

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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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