Bankruptcy could be viable debt relief option in Tennessee

Bankruptcy could be viable debt relief option in Tennessee

| May 27, 2015 | Debt Management, Firm News

Many individuals may think that financial issues only affect those who do not have much money. While it is true that Tennessee residents on limited incomes may face hardships, financially successful people could also find themselves owing considerable amounts of money. The result of facing overwhelming debt could lead to individuals hoping to find some form of debt relief.

One man in a nearby state recently filed for bankruptcy after finding himself owing a significant amount of money to multiple creditors. It was reported that three creditors had filed a petition with the court against the man in an attempt to get him to file for bankruptcy. In the beginning, the man did not wish to follow this route, but he soon moved forward with the filing.

It was reported that he owes over $43 million to several creditors. As a result, he filed Chapter 7 bankruptcy as against approximately $4 million worth of personal assets and real estate. As part of the bankruptcy process, the man will appear in court in order for the situation to be addressed. Both he and his creditors should have the opportunity to address the debts and pose inquiries.

Facing financial struggles can be difficult for Tennessee residents to admit and accept. They may believe that they can get a handle on the situation on their own, but in many cases, the debts owed can be too great. Luckily, debt relief options such as bankruptcy could be a viable option for certain parties. Information on such filings and court processes could help individuals feel more comfortable in exploring such an option.

Source: cdispatch.com, “Columbus entrepreneur files $43.6M bankruptcy“, Zack Plair, May 16, 2015