Mark T. Young & Associates
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March 2019 Archives

Who can file for Chapter 13 bankruptcy?

While many Americans may be moving through 2019 and holding strong to the financial resolutions that they made as the New Year came into being, others may be struggling to pay down their debts as they fight to keep their heads above the economic waters. Some debt relief options may be an action of last resort for a Tennessee resident who wants to handle their debts and obligations on their own, but in some cases it is not realistic for a debtor to find financial success without help. Chapter 13 bankruptcy may be an option for individuals who meet the requirements for pursuing this form of financial help.

How the automatic stay may support a debtor's needs

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.

Are you willing to negotiate with your creditors?

If you are behind on payments to a creditor, you know the sinking feeling when your phone rings. Creditors and debt collectors can legally contact you frequently, as long as they don't harass you, lie to you or threaten you. Nevertheless, a conversation with a debt collector is seldom a pleasant one, and you would be wise to learn the boundaries in which creditors must act when collecting a debt.

Why is some property exempt from bankruptcy proceedings?

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.

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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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