Making the decision to handle a difficult financial situation can be a significant step for Tennessee residents. If they are consumed with personal debt, they may wish to consider their options for filing for bankruptcy. Some individuals may find Chapter 7 bankruptcy helpful if they are unable to pay back outstanding balances and wish to get back on a more stable financial track.
One man in another state recently filed for Chapter 7 due to personal and business debt accumulation. For his personal filing, it was reported that he had somewhere between $50 million and $100 million in debt and that his assets were valued between $1 million and $10 million. With Chapter 7, his assets will be liquidated in order to work toward discharging his accrued debt.
It was reported that the man worked as a developer and home builder, and the recession and housing market decline may have contributed to his financial issues. He continued with projects throughout the recession, but the real estate market in his community did not improve as much as hoped. It was also mentioned that there were more than 140 creditors listed in the court documents.
Discharging considerable amounts of debt on one's own can be exceedingly difficult, and trying to remain optimistic during difficult financial times is commendable. However, there may come a time when Tennessee residents understand that they need help, and looking into debt relief options may be a prudent step to take. Gathering information on Chapter 7 bankruptcy may help concerned individuals determine whether liquidation could be right for them.
Source: cecildaily.com, "Developer Clark Turner files for bankruptcy", Cheryl Mattix, Nov. 25, 2015