If readers of this Tennessee bankruptcy and debt relief blog are anything like other Americans then they are probably bracing themselves for their coming credit card bills. With the holiday season in full swing many people turn to their credit cards to make purchases for their homes, their loved ones and themselves. Those purchases can add up fast and turn into massive credit card spending that can be hard to pay off.
What will filing for Chapter 7 bankruptcy do to my finances?
It is important that readers of this blog understand that their financial situations are unique. Individuals are advised that this and other articles on this blog are informational only and case-specific help should be sought from a bankruptcy attorney.
Options when a repayment plan is not confirmed by the court
There are many procedural steps that must be met in order for a Tennessee resident to successfully implement the repayment plan that they create through their Chapter 13 bankruptcy filing. Their plan must be feasible for them to follow and it must properly prioritize the debts that they are bound to repay. The debtor's creditors must agree to the terms of the repayment plan, and finally the bankruptcy court in charge of the debtor's case must confirm it to allow repayment to begin.
An automatic stay may not solve all your debt problems
The decision to file for bankruptcy is a big one. It may have taken you a lot of back-and-forth and stressful consideration before you decided that this option would likely best suit your debt relief needs. Your situation may have gotten to a point where creditors were garnishing your wages or you faced foreclosure on your home, and you knew you needed to take action.
Is medical debt considered secured or unsecured debt?
Different types of debts can have different priorities. Depending upon the type of debt that a Tennessee resident holds, their creditors can pursue different methods of seeking the collection of the debtor's obligations. If a debt is secured then there is property that may be reclaimed in satisfaction of the debt. For example, a car loan is a secured debt because the lender can repossess the debtor's vehicle if they stop making payments on their loan.
