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Bankruptcy Exemptions Archives

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.

Can a Tennessean keep their house through bankruptcy?

When things go bad, they go really bad. So, when a person gets behind on some of their bills, they usually get behind on all of them. And that means an assortment of unhappy creditors, including the bank that holds the mortgage on a Tennessean's home. Does an unhappy bank mean that a Tennessean will automatically lose their home? Can filing for bankruptcy save the house?

Bankruptcy does not mean losing all of your stuff

Many Tennesseans believe that seeking bankruptcy protection means that a person will lose all of their stuff, that they will be left with nothing more than the proverbial clothes on their back. But the truth is different. Here at Mark T. Young & Associates, we regularly help Tennesseans through the bankruptcy process. These individuals invariably keep some, if not all, of their assets.

How does the homestead exemption work in bankruptcy?

Although 844,495 bankruptcy cases were filed in 2015, financial experts see that number as a sign of hope that the economy is showing signs of recovery. It's lower than the 936,795 cases filed in 2014, and much lower than 2005, when a record number of more than 2 million cases were filed.

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.

What are some personal exemptions when filing for bankruptcy?

Some Tennesseans need a fresh financial start. They tried to start a business that did not work out. They got sick and racked up significant medical bills. They made some financial decisions that they would like to take back. But whatever the reason, some Tennesseans may be reluctant to file for bankruptcy. A part of that reluctance is often the worry that the person will have to give up everything as part of the bankruptcy. That worry is unfounded though: Tennessee provides a variety of bankruptcy exemptions designed to ensure that Tennesseans land on their feet following the end of the bankruptcy process.

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

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