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Bankruptcy Exemptions Archives

Homestead exemption is higher for older Tennessee residents

One of the biggest fears that a Tennessee resident may face when considering bankruptcy is the prospect of losing their home. Depending upon the form of bankruptcy the person chooses to pursue, they may have to sell off or liquidate some of their possessions in order to pay their creditors. Homeowners know that that their residences are more than piles of wood and plaster: homes are where families grow, memories are made and lives are lived.

Can I keep my car if I file for bankruptcy?

Although Chapter 13 bankruptcy allows a Tennessee debtor to keep their personal property and repay their creditors through a reorganization of their assets and income, Chapter 7 bankruptcy, to some extent, does not. In a Chapter 7 bankruptcy, a debtor is required to sell off or liquidate items of property so that the proceeds may be used to pay off those parties to whom the debtor owes money. With the requirement that property must be sold under Chapter 7 bankruptcy, some debtors may have concerns over what, if any, of their property will get to keep after the process is over.

Chapter 13 bankruptcy exemptions could allow you to keep asset(s)

When debt gets out of control, it can be hard to know what to do next. Feeling like your back is up against the wall financially isn't a desirable place to be. Figuring out next moves can feel limiting, as debt can impact other facets of your life. There is a way to get out from under the crippling debt and get your life back.Chapter 13 bankruptcy could be a great option for someone who is overwhelmed by debt. In Chapter 13 bankruptcy, a reorganization of a debtor's assets and the creation of a repayment plan to pay back creditors for debts is created to make debt more manageable. It's different from Chapter 7, but bankruptcy exemptions can still be enacted to protect specific assets from the reorganization process. Bankruptcy exemptions can include a variety of assets.

Bankruptcy can help if facing a home foreclosure

When many Chattanooga residents think about their prized possessions, there are a few items that seem to make the top of the list for most. One of those items is the family home. Since homes can be an excellent investment in the long-term and it's where a family sets down roots, a home is oftentimes a person's most valued physical possession. If you are facing a possible foreclosure on your family home, there may be a way to save it from bank ownership.

What kind of assets can bankruptcy exemptions protect?

When personal finances get out of control, many wonder how they will ever get their finances back on track? While it can seem like an endless uphill battle, there is a way for those struggling under the weight of debts to find relief. One way of doing this is to file for bankruptcy. Bankruptcy tends to have a negative stigma associated with it, but it can really be the best option for those in a bad financial situation.

What are some examples of Chapter 7 bankruptcy exemptions?

When a person in Tennessee thinks about filing for bankruptcy and how it will affect them and their family, it can be an intimidating thought. Most of the intimidation comes from the unknown, as most people aren't well-versed in the in's and out's of bankruptcy law. However, bankruptcy doesn't have to be a negative thing. Bankruptcy can be the lifeline a person needs to get out of the negative cycle of debt.

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.

What is an example of claiming exempt property in Chapter 13?

There are many reasons that Chattanooga resident's financial situations could fall into disarray. Unexpected expenses like medical expenses, loss of a job or other unexpected expenses can send finances into uncharted territory. There is a way to reconcile all of the debt one may have accumulated. Chapter 13 bankruptcy can reorganize assets and liabilities in order to get one's financial situation into a better place.

What bankruptcy can and cannot do for your unpaid child support

Divorce can bring significant financial changes, and for some Tennessee residents, it can set the stage for significant financial hardship. Parents ordered to pay child support may find that it is difficult to keep up with their financial obligations, despite the best of intentions.

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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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