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Chapter 7 may help lead Tennessee consumers out of debt

Facing financial losses can be difficult for any Tennessee resident. Some may wonder how they will be able to get out from under considerable debt and whether they will have the chance at a fresh start. Luckily, many individuals may be able to qualify for Chapter 7 bankruptcy if they wish to explore such an option and work toward discharging debts.

It was recently reported that one man in another state filed for bankruptcy. He apparently had a business, but it was unclear whether the financial liabilities were business related, personal or both. It was noted that the man filed for Chapter 7 bankruptcy this month, which means that his non-exempt assets will be liquidated in order to discharge his outstanding debts. 

The report stated that his assets had a total value of just over $12,500. His liabilities were nearly four times that amount, listed at almost $47,000. No specific assets or debts were included in the report, but he will likely find himself facing a new financial situation after his bankruptcy proceedings are completed. 

Financial hardships and monetary losses can affect everyone differently. Some individuals may face only minimal impact while others could become overwhelmed by substantial debt. However, even those with considerable debt do not have to feel as if they are stuck in a never ending rough patch. Tennessee residents can find out more information on Chapter 7 and other forms of bankruptcy to determine whether filing a petition could help them get back on track, achieve stability and reach for their financial goals.

Source: startribune.com, "Recent bankruptcy filings in Minneapolis and St. Paul", Jan. 24, 2016

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