There is a lot of anxiety associated with filling for bankruptcy. Much of this stems from the fact that people know so little about the process. Like most things in life, however, this fear is often misplaced. Tennessee homeowners struggling with debt and considering bankruptcy might find the following information on the family home and Chapter 7 bankruptcy interesting.
At what point is it filing for bankruptcy appropriate? The answer depends on the individual. One way to address the question is to compare a person's liabilities against his or her assets. For college football coach John Smith, that calculation produces approximately a 40 to 1 debt to asset ratio. Tennessee residents might find this article on Smith and Chapter 7 exemptions interesting.