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Chapter 7 may help with tough debt situations in Tennessee

For some individuals, seeking temporary financial assistance may be enough to avoid facing considerable issues. However, for many Tennessee residents, mounting debt is a real concern and one that may require taking drastic steps to be fully addressed. As a result, some individuals may wish to consider turning to Chapter 7 bankruptcy for help in handling their considerable debt liabilities.

Individuals may be interested in such a situation involving a man in another state. Reports indicate that the man had once been a college basketball star and later went on to be an agriculture commissioner. However, he is currently unemployed and facing serious financial issues. He reportedly lives on food stamps and a monthly stipend provided by his parents in the amount of $400. Due to being unable to make his house payments and other financial troubles, he is overwhelmed by debt.

Reports indicated that the man's debt liabilities exceed $380,000. It was also noted that his assets total only $24,000, and most of that amount was part of a state pension. The remaining payments on his home total more than $200,000, and there was also another large sum exceeding $100,000 relating to a legal agreement. As a result of his situation, the man recently filed for Chapter 7 bankruptcy in hopes of addressing his financial troubles.

Taking stock of a serious financial situation may seem frightening at first. However, once information is gathered, individuals may be better able to determine how they would like to move forward. If, like the man in this case, Tennessee residents are facing significant debt issues, they may wish to consider gathering more information on Chapter 7 bankruptcy to determine whether they may be able to qualify and work toward more stable financial futures.

Source: washingtontimes.com, "Ex-Kentucky basketball star Farmer files for bankruptcy", May 8, 2016

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