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Chapter 13 Archives

What commitments are Chapter 13 debtors bound to fulfill?

Deciding to file for bankruptcy and to utilize the protections of the bankruptcy courts should not be done capriciously. A debtor must fulfill significant commitments in order to complete the process and to avoid further financial and legal issues that may result if they elect not to take their obligations seriously. A general overview of what debtors may face if they begin the Chapter 13 process can be useful for our readers.

Options for when conditions of repayment plan cannot be met

One of the biggest advantages that Chapter 13 bankruptcy has over Chapter 7 bankruptcy is the fact that debtors do not have to sell off their property in order to pay off their creditors. Rather, a Tennessee debtor may file for Chapter 13 bankruptcy if they have income and if they are able to create a repayment plan that is approved for their case. If a person can complete the terms of their repayment plan, then they may receive a discharge of their debts through Chapter 13 bankruptcy.

Why might Chapter 13 be a better option than Chapter 7?

Filing for bankruptcy is a big decision for any Tennessee resident, and the contents of this post are offered to inform readers of some of the different ways that the two most common forms of individual bankruptcy serve different interests. This post is not offered as specific advice on how individual readers may benefit from Chapter 7 bankruptcy and Chapter 13 bankruptcy; readers who wish to learn more about their individual bankruptcy options are encouraged to discuss their questions with their trusted bankruptcy attorneys.

How do I qualify for Chapter 13 bankruptcy?

This Tennessee bankruptcy and debt relief blog has offered numerous posts on the benefits that bankruptcy can offer to men and women who are struggling with debt and unsure of how to get ahead in their financial lives. However, a person cannot simply decide to pursue bankruptcy and have their matter automatically accepted by the courts. In order to begin a Chapter 13 bankruptcy, for instance, a person must first legally qualify for the process's protections.

What is the repayment plan in Chapter 13 bankruptcy?

Bankruptcy is often an option that Tennessee residents look to utilize when they cannot pay off their debts. It may therefore seem counterintuitive that one of the most popular forms of personal bankruptcy in the United States requires bankruptcy filers to submit a plan to repay their debts only a matter of weeks after filing their bankruptcy petitions. In this post, readers will be introduced to the Chapter 13 repayment plan and how it may serve their needs to become financially free.

Ready to talk about bankruptcy? We're here to listen.

Every year hundreds of thousands of individuals and businesses file for bankruptcy. However, few people want to talk about it as a viable option for alleviating their overwhelming financial burdens and outstanding debt. Although many Tennessee residents do it, filing for bankruptcy is sometimes seen as a sign of failure or a stigma on a person's character.

A bankruptcy option for those who earn regular income

Bankruptcy is often an option of last resort for Tennessee residents who cannot meet their financial obligations. When they have exhausted their savings, trimmed their budgets and sought assistance with their ongoing financial commitments, they may find that there are simply too few ways for them to manage their debts on their own.

Tennessee technology subcontractor files for bankruptcy

Owning and operating a business isn't always a clear and precise route. Sometimes things come up that challenge even the savviest of managers and business owners. A Tennessee technology subcontractor for Google found tough times recently, forcing them to file for asset reorganization bankruptcy. Essentially, the company has overwhelmingly more liabilities than assets and had to do something to reconcile that discrepancy.

Bankruptcy is an option for those who can't make payments

Sometimes, life's unexpected expenses can creep up on a family and drain all of their available funds. Major events such as medical incidents or layoffs can put a family in a bad financial spot. This can make it difficult for a person to make their mortgage payments on time.

Chapter 13 bankruptcy allows you to pay back your debts

A penny saved is a penny earned. Well, that's what your parents always said right? But the way it is today, with cost of living at an all-time-high, it can make it difficult for anyone in Tennessee to save money. This can lead to devastating and crippling debt that makes it hard to even get up in the morning.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
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