Under the law, businesses can be recognized as legal entities and, therefore, may have certain rights when it comes to seeking bankruptcy protection. For example, a Tennessee business that has overwhelming debts and cannot turn a profit to repay those obligations may be able to use Chapter 7 bankruptcy to liquidate its assets and repay its loans. This post will briefly discuss Chapter 7 bankruptcy for businesses but, as with all legal matters, readers are asked to seek their own legal advice.
Chapter 13 bankruptcy may help stop foreclosure
The loss of a family home to foreclosure can be a nightmare for a Chattanooga resident. Not only must they struggle to find a new place for their loved ones to live, but they must also contend with the serious financial repercussions that can follow foreclosure proceedings. For individuals who are caught in this difficult situation, help may be available through Chapter 13 bankruptcy.
Medical debt can have a huge impact on credit score
Many medical procedures cannot be avoided. When Tennessee residents must undergo surgeries or other treatments to save their lives and maintain their health, they may not have money saved to take care of the bills they will later receive. This can cause patients to incur medical debt, a leading cause of financial stress for many Americans.
Why must I do credit counseling in order to pursue bankruptcy?
Bankruptcy is a legal process and it is not completed without the filer suffering some consequences. For example, after completing the personal bankruptcy process a Tennessee resident may find that their credit is affected and that they are having trouble getting loans. Bankruptcy helps individuals get out from under financial burdens, but it is not an easy process to fulfill.
When life leads to credit card debt, what are your options?
When it comes to your finances, you may relate to many other Tennessee residents who say they've had times of financial stability and also times where they've encountered serious financial challenges. Many have been able to resolve their money problems by devising new savings and spending plans. However, that doesn't always work.
Protecting financial health when medical debt becomes a problem
Each day presents new opportunities and experiences for the residents of Chattanooga. While many individuals may embrace the positive events that happen in their lives, they may also fear the repercussions that accompany the negative happenings that afflict them and their loved ones. In particular, the diagnosis of a serious medical condition can be a significantly emotional, physical, and financial hardship.
