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Chapter 13 bankruptcy allows you to pay back your debts

A penny saved is a penny earned. Well, that's what your parents always said right? But the way it is today, with cost of living at an all-time-high, it can make it difficult for anyone in Tennessee to save money. This can lead to devastating and crippling debt that makes it hard to even get up in the morning.

For people who dodging debt collector calls and are worrying about how to put dinner on the table, there is a way out. Chapter 13 bankruptcy allows you to consolidate your debts and even pay back what you owe over time. This is a great option for people who do not want to default on certain debts or bills. A payment plan and asset consolidation under Chapter 13 can help a person bridge the gap between their debt and their life.

If a person wants to exclude a certain asset, like a family home for instance, bankruptcy may allow for this under Tennessee exemption laws. Exemptions are assets that a person would prefer to protect rather than lump into asset liquidation. Certain assets are worth more than just their value to the bank. Therefore, it's understandable as to why listing an asset as an exemption under Tennessee bankruptcy law would be applicable to certain people.

There are other categories of bankruptcy that serve different means as to consolidating debt. If you aren't interested in paying back some or all of your debt, Chapter 13 may not be for you. However, for some people, it is very important to pay back what they owe. Either from a pride standpoint, or a business standpoint, Chapter 13 can make a lot of sense for those struggling under enormous debt.

Source: FindLaw "Exempt Property in Chapter 13 Bankruptcy," Accessed July 3, 2017

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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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