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July 2015 Archives

Former NBA player explains why he filed for Chapter 7

Tennessee has several popular sports teams with fans throughout the state. It is common for people young and old alike to look up to athletes and be impressed with their talent while simultaneously feeling a slight pang of jealousy at the amount of money they make and lavish lifestyles they're able to live. What's missed is how many of these athletes spend unwisely and make financial mistakes to the point where they're struggling with debt and eventually have to file for Chapter 7 bankruptcy.

What is a Chapter 13 hardship discharge?

When financial challenges grow to be too onerous and the decision is made to file for Chapter 13 bankruptcy in Tennessee, the intent is to avoid the liquidation that comes with Chapter 7. Since it is referred to as a "wage earner's plan," those who are employed and have a steady stream of income can come to an agreement to restructure their debts and pay them fully or in part. The payments will be made within three to five years. There are certain criteria that must be in place to use Chapter 13. However, there are also times that the debtor cannot make the payments and a hardship discharge can be given.

Overcoming financial challenges with a straight bankruptcy

Financial challenges are not unusual in Tennessee and across the nation. While many might not think that bankruptcy is a viable option, it is a method to debt relief and moving on with a new start. Some of the terms, however, might not be fully understood. One such term is straight bankruptcy. Simply put, straight bankruptcy is another way to describe a Chapter 7 bankruptcy. This allows people who are having problems with debts to clear them legally.

Pros and cons of Chapter 7 bankruptcy

Filing for bankruptcy can be a difficult decision for some Tennesseans. It's a big decision; it can come with some stigma. But in many instances bankruptcy is the right choice for putting a tough time in the rear-view mirror and getting on with one's life. Below are some pros and cons that Tennesseans will want to consider as they decide whether a Chapter 7 bankruptcy is right for them.

Chapter 13 basics

Bankruptcy has a bad reputation. But should it? In many cases, it serves as relief for Tennesseans who simply had bad luck. They got sick and overwhelmed by avalanches of medical bills; they bought something on credit only to lose their jobs when a company cut half its staff; they started businesses only to see the economy go into a spiral.

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

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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