Chapter 13 may help divorced Tennessee residents with debt

Chapter 13 may help divorced Tennessee residents with debt

| Apr 8, 2015 | Chapter 13, Firm News

Divorce can be a wearing process for many Tennessee residents. Though they may feel relieved when the proceedings have concluded, it is important to remember that the decisions made during that time can have lasting results. In some cases, a choice that may have seemed worth it at the time could later have financial consequences that are difficult to handle. Consequentially, Chapter 13 bankruptcy may be an option worth exploring.

It is common knowledge that emotions can run rampant during divorce proceedings. If parties are unable to work through their process in an agreeable manner, divorce could extend for a considerable amount of time as individuals struggle through each decision that must be made. As a result, parties could face financial hardships as legal fees continue to add up as long as the case is open.

The assets that are awarded during the process can also affect a person’s financial future. Though keeping the house may seem like a beneficial goal to work toward, home ownership as a single individual could be more difficult than anticipated. As a result, payments could become overdue, and parties could face mounting debt issues.

It is an unfortunate reality that divorce can cause financial problems for those who have been through the process. However, debt and other resulting financial issues do not have to be something that is accepted. Chapter 13 bankruptcy could be a process that may help certain Tennessee residents gets back on stable financial ground after being shaken up by divorce and the resulting consequences.

Source: wkbw.com, “5 biggest divorce-related financial mistakes”, Wendy Spencer, March 31, 2015