Financial issues could lead to Chapter 13 in Tennessee

Financial issues could lead to Chapter 13 in Tennessee

| May 15, 2014 | Chapter 13, Firm News

Many Tennessee residents may have a difficult time managing their finances. While this problem is not uncommon, it can be a very detrimental issue that can affect a person’s livelihood. Financial issues can lead to considerable debt and other money problems, and significant steps such as filing for Chapter 13 bankruptcy could be needed.

One small step that a party may wish to take when looking to get their finances in order is to create a budget and payment schedule. Too often individuals feel blindsided by payments that they should have been expecting, such as insurance payments or vehicle registration fees. Because many of these payments are done once a year, or only a couple of times a year, a person could potentially forget when they are coming up. However, by setting reminders for such payments and putting money aside, these payments do not have to make a dent in the budget.

In some instances, the financial issues are for bigger expenses, such as mortgage payments or car payments. If an individual falls behind on these payments, significant debt could easily add up. As a result, a person may need to take larger measures than simply creating a budget. Filing for bankruptcy in order to take care of considerable debt build up could lead to a fresh financial start.

For some individuals, Chapter 13 bankruptcy could be their best option for the dissolution of debt. This step is a significant one, but it should not be looked at in a negative light. Filing for bankruptcy in Tennessee could allow residents to have a burden lifted from their life and to gain the ability to have a better hold on their finances in the future.

Source: businessdayonline.com, “Are you making any of these money mistakes?”, , May 7, 2014