If you are considering filing for bankruptcy, it may be because you have too many monthly payments to manage. You’re expected to pay out more than you earn, and it’s simply not sustainable. This isn’t due to frivolous spending—your debt has become unaffordable, and...
Chattanooga Bankruptcy Law Blog
How bankruptcy’s automatic stay can stop garnishments
When you file for bankruptcy (under any chapter, including Chapter 7), an immediate legal protection goes into effect. It’s called the “automatic stay,” and it acts like a shield, protecting you from most creditors. Here’s how it works: As soon as you file, most...
What is repossession and how can bankruptcy help you avoid it?
Repossession is a legal process where a lender or seller takes back property that was purchased through a loan or financing agreement when the borrower fails to meet the terms of that agreement. Typically, repossession applies to items such as cars, appliances or...
Can bankruptcy affect your employment?
Bankruptcy is a viable option for those in financial trouble. It can provide the opportunity for a fresh start. Nonetheless, bankruptcy is not always straightforward, and it’s normal to have questions. One issue that consistently arises is whether or not bankruptcy...
What is a foreclosure deficiency balance?
It is important for homeowners to mentally prepare for the fact that if their home is sold as a result of foreclosure, they may remain financially liable for a foreclosure deficiency balance. Understanding this reality can help homeowners to decide whether pursuing a...
Stopping creditor harassment after a bankruptcy discharge
People file for bankruptcy for relief from financial stress. They want to prevent a successful creditor lawsuit or end frustrating phone calls. Most people can achieve those goals with a timely bankruptcy. Those who take action before a creditor secures a judgment can...
Will your bankruptcy keep your child from getting a student loan?
If you’re considering bankruptcy as a solution to your overwhelming debt, you’re likely thinking about the effects it will have on your family. For example, it will mean that your kids will also need to live more frugally. However, you’ve probably already had to make...
3 ways bankruptcy can help homeowners avoid foreclosure
Becoming a homeowner is a cornerstone of the modern American dream. People want to establish equity in their own homes instead of paying the bills of a landlord. They may work hard on improving the home by making repairs. They may also spend as much as a third of...
How cash advances can accelerate into insurmountable debt
Cash advances may seem like a quick financial solution when an individual needs immediate access to money. They allow borrowers to access cash from a credit card, personal loan or payday lender, often without extensive paperwork or long approval times. However, what...
The No Surprises Act can prevent some medical debt, but not all
Medical debt remains a leading cause of personal bankruptcy in this country. One catastrophic injury or prolonged illness can leave an individual or family owing hundreds of thousands of dollars in medical bills. What people don’t often realize is that many of the...