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Chapter 13 Archives

Who is now eligible for Chapter 13 bankruptcy?

Filing for bankruptcy is a big decision, and something that should be thought through. Whether it is necessary due to a period of unemployment, a serious illness, or other unexpected expenses, Tennessee residents thinking about bankruptcy should understand the different options available to them and what they might mean. This blog has previously discussed some of the main differences between filing for Chapter 7 bankruptcy and Chapter 13, including some of the basic eligibility requirements.

What are the three types of creditors in a Chapter 13 case?

Tennessee residents who have gotten into debt may feel overwhelmed, as if there is no way out. Whether because of a period of unemployment, medical bills or other types of emergency expenses, anyone may find herself in such a situation. One possible solution in these cases is a bankruptcy filing. This space has previously discussed several types of bankruptcy petitions that can be filed depending upon what the debtor needs to accomplish. This time, we'll take a quick look at the Chapter 13 process and the classes of creditors that may be involved.

Sporting goods giant Gander Mountain rumored to file bankruptcy

With the ever-changing landscape of retail and online retailers, it is bound to bring inevitable change to how people shop. This, in turn, will affect retail, especially large brick-and-mortar companies. One such company, Gander Mountain, which has several Tennessee locations, has been rumored to be filing for bankruptcy. A company representative has officially answered the allegations that were made on this matter.

What is Chapter 13 and how is it beneficial?

Tennesseans who are facing financial challenges often do not know where to turn or which potential options are most suitable to their particular situation. Being in debt does not mean that there is no chance for a fresh financial start, but it is important to know which method is preferable. For those who have a job and earn wages, filing for Chapter 13 is a step to consider.

Tennessee leads the nation in bankruptcy filings

While many Tennessee families are able to make ends meet, there are a percentage of Chattanooga residents that are struggling to get through the day due to the state of their finances. It can come to a point where it feels like you or a loved one is drowning in the unpaid bills. Whether tired of living day-to-day on credit cards or sick of the bill collector's phone calls, it may be time to consider debt consolidation as an answer. Many Chattanooga residents have explored Chapter 13 bankruptcy as a solution to their debt problems.

Rebuilding your credit after bankruptcy

For many Tennesseans squeezed by debt, the idea of filing for Chapter 13 bankruptcy is tempting. But some balk at actually filing for bankruptcy because of worries over the bankruptcy's effect on their credit. Such a worry is often overrated for a couple reasons. First, if a person is struggling to keep current with their debt, then chances are that their credit score is in the process of plummeting anyway. Second, rebuilding their credit score after bankruptcy may not be as difficult as they think.

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.

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

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