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Chapter 7 may help with large debt and asset gaps in Tennessee

Financial difficulties can be tough for anyone to face, whether in Tennessee or elsewhere. Many individuals may wish to understand exactly how to handle overwhelming debt, and luckily for them, there are various options and information on those options that may help interested parties see their situation more clearly. If individuals are facing a large monetary gap between their debts and their assets, Chapter 7 bankruptcy may a path to consider.

One man in another state recently decided to follow this path after facing considerable business losses. Reports stated that the man had been the CEO of two separate companies, and each of those companies faced unfortunate ends. One of the companies went into receivership, and its assets were later sold. The second company faced bankruptcy and eventually also closed. 

Due to these circumstances, the man was facing considerable debt of his own. Reports stated that he could be facing as much as $10 million in liabilities while only having between $100,000 and $500,000 in assets. He filed for Chapter 7 bankruptcy, which will allow for the liquidation of his assets in order to pay back debts. 

Many individuals may have great ideas and intentions for their businesses only to face substantial losses. These losses can affect more than a person's financial state as their emotional well-being could also be affected. If Tennessee residents faced with considerable debt would like to lessen their stress and work toward a brighter financial future, they may wish to learn more about Chapter 7 bankruptcy and whether it could be a viable option for them.

Source: jsonline.com, "Businessman Bobby Kraft files for personal bankruptcy", Rick Romell, March 18, 2016

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