Chattanooga Bankruptcy Law Blog

Bankruptcy is not an easy process, regardless of the route that an individual chooses to pursue to take control of their financial problems. A Tennessee resident who elects to use Chapter 7 bankruptcy to manage their debts may worry about liquidating their assets and whether they will emerge from the process able to move their life forward. One aspect of bankruptcy that is incredibly helpful to men and women who are struggling under the weight of outstanding financial obligations is the automatic stay. When a person files for bankruptcy the automatic stay stops creditors from taking further action against the person throughout the duration of their bankruptcy proceedings.

The automatic stay can stop a person from being thrown out of their home. That is because the legal process of eviction is stopped once a person files for bankruptcy. The eviction process may begin again when the bankruptcy process ends, though during the bankruptcy proceedings the debtor may be able to work with their creditor to find a way to stay in their home.

Going through bankruptcy can be stressful on a Tennessee family. After finding themselves in a dire financial situation, the members of the family may have to make the difficult decision to file for Chapter 7 or Chapter 13 bankruptcy. Starting the bankruptcy process can mean cutting back on spending, rearranging financial priorities, and even selling off items of owned property.

Giving up property can be hard but may be required based on the form of bankruptcy that a person chooses to use. If they are required to sell off items that they own they will want to explore just what exemptions may apply to their particular bankruptcy case. If a parcel or piece of property is exempt from bankruptcy it means that it may be kept by the owner and not included in their bankruptcy estate. In other words, an individual can keep exempted property rather than having to sell it off to repay debts.

When a Chattanooga resident files for Chapter 13 bankruptcy they will be expected to use some of their income to pay off their debts over time through the execution of a repayment plan. As such, a person must have some disposable income that they can dedicate to this purpose. Without disposable income, a person may not be able to fulfill their responsibilities under their unique repayment plan.

Disposable income is a specific term when it comes to Chapter 13 bankruptcy. According to information promulgated by the United States Bankruptcy Courts, "disposable income" is income that is left over after a person has covered the reasonable costs associated with their needs and the needs of their dependents as well as contributions to charities. A person does not have to factor in child support payments that they receive from an ex-spouse or partner when computing their gross income.

The human body is an amazing thing, but not everyone knows exactly what ailments and conditions may be lurking just below their own skin. Even when Tennessee residents stay on top of their health and meet regularly with their doctors, they may suffer surprising reactions and conditions that are unlike anything they have every experienced.

A man who received a flu shot found this out after he had a surprise reaction shortly after his vaccination. That reaction triggered a very long and costly process for him. The man got his flu shot at work and within minutes fainted. Though he was prone to fainting, he and his co-workers became alarmed when he began to vomit. This reaction prompted the man to take an ambulance to the hospital where he spent eight hours waiting and being subjected to different medical tests.