Mark T. Young & Associates
Free Initial Consultation:
423-933-1606
888-376-0282(Toll Free)
423-933-1606
888-376-0282
Focused On Your
Financial Freedom

Posts tagged "Chapter 7"

How bankruptcy can help when wages are garnished

Wage garnishment is a legal process. When a Tennessee resident has a job and owes a creditor money, that creditor may be able to secure a wage garnishment against them. If they do, the debtor will see some of their pay removed from their paycheck each pay period and sent to the creditor in consideration of their debt.

Not everyone can file for Chapter 7 bankruptcy

Bankruptcy is a serious legal process that requires individuals to meet significant mandated tasks in order to eventually reach debt discharge. Those who file for Chapter 7 bankruptcy must agree to sell off some of their assets through liquidation in order to acquire enough money to pay off their creditors as fully as possible and work through their bankruptcy processes. In order to use Chapter 7 bankruptcy and its liquidation requirement Tennessee residents must first qualify for it.

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.

What does asset liquidation mean?

Chapter 7 bankruptcy is a legal tool that may help some Tennessee residents eliminate their debts and improve their financial futures. However, as it does require individuals to meet certain criteria, it is important that readers talk to their attorneys about whether this form of personal bankruptcy will meet their needs. Chapter 7 bankruptcy requires individuals who do not have enough income to sell off or liquidate their assets in order to have funds to pay their creditors.

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.

Older Americans are filing for personal bankruptcy

Bankruptcy is not a problem only for young people. Tennessee residents may harbor the misconception that financial mismanagement during one's youth is the root cause of economic struggles. However, recent trends in bankruptcy filings suggest that even individuals who have reached retirement age can be affected by surprise bills, unexpected illnesses, and other catastrophes that can destroy their financial health.

Is Chapter 7 bankruptcy available for businesses?

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.

What is the means test of Chapter 7 bankruptcy?

Different paths to bankruptcy relief exist because not all individuals experience the same financial challenges and difficulties. As such, a Tennessee resident who is confronting significant financial hardship may elect to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. If they wish to pursue Chapter 7 as their method of overcoming their debts they must qualify for the process by passing the legal process's means test.

What debts will I still have to pay off after Chapter 7?

It is a common misconception that achieving a bankruptcy discharge will wipe out all of a Tennessee resident's outstanding debts. In fact, a number of debts will survive the bankruptcy process and will remain liabilities for the individual to repay even after they have successfully completed the legal process. This post will discuss some of the debts that will endure a Chapter 7 bankruptcy discharge but readers are reminded that it is not exhaustive. Consultation with a bankruptcy attorney should be sought for case-specific advice.

What is "straight bankruptcy"?

"Straight bankruptcy" is just another name for Chapter 7 bankruptcy and the process that goes along with it. Readers of this Tennessee debt relief and bankruptcy blog may know Chapter 7 bankruptcy to be the process of liquidating one's personal assets in order to pay off creditors and attain financial freedom.

Get Started Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Contact Information

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

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
Hixson Law Office Map