Financial issues can be difficult for many Tennessee residents to face, and when they realize that their debts considerably outgrow their ability to pay, they may begin considering debt relief options. Chapter 13 bankruptcy is an option that some parties may wish to investigate. This could allow qualifying individuals to create a court-approved plan to repay debts.
It was reported that a former lieutenant governor in another state recently filed for bankruptcy. The man had resigned from his position last year after paying a hefty fine with regard to allegations of ethics law violations. These violations were reportedly money related, including using funds for personal spending.
He and his wife were both named in the report as filing for Chapter 13 bankruptcy. It was also noted that their debt totaled approximately $78,000. Reports stated that about $10,000 of that sum was the result of credit card debt and nearly $20,000 was presumably related to car payments. As their total assets fall just below $30,000 in value, the couple will likely move forward with a repayment plan as created under the Chapter 13 bankruptcy filing.
Money troubles can strike individuals at any time, and the results can be difficult for those parties to handle. As this situation shows, Chapter 13 bankruptcy may be an option to consider when debt becomes too much to feasibly repay on one's own. Tennessee residents with mounting debt issues may find information on this type of bankruptcy and other debt relief options beneficial if they wish to work toward achieving a fresh financial start.
Source: washingtontimes.com, "Former Lt. Gov. Mark Darr, wife file for bankruptcy", June 13, 2015