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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.

The reason is that the bankruptcy laws create specific exemptions and other rules that enable Tennesseans to shield certain assets from the bankruptcy process. Which assets are exempted depends on which type of bankruptcy a Tennessean chooses to pursue. But, understanding how those bankruptcy exemptions work can be complex.

As a general outline, Tennesseans seeking Chapter 7 protection (also known as debt liquidation) can keep up to a certain dollar value of assets. For most people, the dollar amount is sufficiently high that they will keep all of their assets. But not everyone is so lucky.

As for Chapter 13 protection (also known as debt reorganization), Tennesseans can often use exemptions that will help them save their home, vehicle and other assets. These exemptions can be especially important for Tennesseans staring down the barrel of an imminent foreclosure.

To learn more about the bankruptcy protections available to them, Tennesseans can check out our website or, better yet, come in and discuss their situation with us. We can explain your options and advise on which path might be best for you. One conversation could be the first step away from a gloomy past and toward a bright financial future.

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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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