One of the biggest fears that a Tennessee resident may face when considering bankruptcy is the prospect of losing their home. Depending upon the form of bankruptcy the person chooses to pursue, they may have to sell off or liquidate some of their possessions in order...
Can I keep my car if I file for bankruptcy?
Although Chapter 13 bankruptcy allows a Tennessee debtor to keep their personal property and repay their creditors through a reorganization of their assets and income, Chapter 7 bankruptcy, to some extent, does not. In a Chapter 7 bankruptcy, a debtor is required to...
Homestead exemptions and Tennessee bankruptcies
Residents may have heard of the idea of "homestead exemptions. And, they may be more familiar with the concept in the context of the taxes. Nonetheless, a more important use of the idea may be when filing bankruptcy. Bankruptcy exemptions are used by debtors to carve...
Is there an exception to ‘wildcard’ bankruptcy exemptions?
It is a sad reality of modern American life that it presents many opportunities to fall into debt. Whether one owes money to credit card companies, hospitals or other medical professionals, or has gotten behind on mortgage payments, being in debt is generally no fun....
What bankruptcy can and cannot do for your unpaid child support
Divorce can bring significant financial changes, and for some Tennessee residents, it can set the stage for significant financial hardship. Parents ordered to pay child support may find that it is difficult to keep up with their financial obligations, despite the best...
Can a Tennessean keep their house through bankruptcy?
When things go bad, they go really bad. So, when a person gets behind on some of their bills, they usually get behind on all of them. And that means an assortment of unhappy creditors, including the bank that holds the mortgage on a Tennessean's home. Does an unhappy...
Which investments are exempt from creditors during bankruptcy?
Filing for bankruptcy is a big decision. It can also be a confusing one, because there is so much misinformation out there about bankruptcy and what happens after filing for one. Worse, even when the information is not actually wrong, it can ignore important nuances...
What is the Tennessee homestead exemption?
When Tennessee residents are experiencing financial difficulties, they may worry about losing their personal property. When people file for bankruptcy, especially, they may know that some property can be sold to help pay back debts. Or, in the case of secured...
When is a trust exempt from bankruptcy?
When someone in Tennessee files for bankruptcy the bankruptcy court assigns a trustee to the case. The job of a trustee varies depending on whether a person files for Chapter 7 or Chapter 13 Bankruptcy. In a Chapter 7 Bankruptcy, the trustee identifies assets owned by...
NASCAR driver’s wife uses bankruptcy exemption to keep house
Readers in Tennessee may be interested to hear that the wife of former NASCAR driver Jeremy Mayfield recently filed for Chapter 7 bankruptcy. She filed for bankruptcy protection independent of her husband, listing liabilities between $1 million and $10 million and...
