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Chapter 13 may be beneficial to some Tennessee residents

Financial difficulties can strike at any time, and some Tennessee residents may find themselves facing a feeling of hopelessness as debt and other financial obligations continue to pile up. However, that hopeless feeling does not have to define one's life as there are various debt relief options that could help individuals escape such hardships. Chapter 13 bankruptcy could be one avenue that struggling parties may wish to explore.

It was recently reported that several individuals in another state chose to file for Chapter 13 bankruptcy. One of those parties was a man facing more than $150,000 in debt. With only approximately $6,400 in assets, the man chose to file for bankruptcy. It was not mentioned what types of liabilities the man was facing or whether any were business related. 

Similarly, another man also filed for bankruptcy after apparently accruing considerable debt. This individual's liabilities totaled more than $10,600, and he had less than $1,000 in assets. As with the first case, specific information on the types of debt was not given. Furthermore, four other residents also filed for Chapter 13, though additional information on their specific cases was not given in the report. 

As this information shows, some individuals feel as if Chapter 13 bankruptcy could help them on their way to financial relief. If Tennessee residents would like to determine whether they qualify for bankruptcy and how it may affect their case, gaining more information from reliable local resources would be beneficial. Additionally, discussing the specifics of their cases with an experienced bankruptcy lawyer could allow them to gain personalized insight for their individual cases. 

Source: magnoliareporter.com, "South Arkansas bankruptcies by county for the week ended Tuesday, February 2, 2016", Feb. 4, 2016

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