Chapter 7 could help Tennessee residents move forward

Chapter 7 could help Tennessee residents move forward

| Jun 21, 2016 | Debt Management, Firm News

Many Tennessee residents have likely faced the difficulties that come along with financial struggles. In many cases, these struggles result from substantial debt that leaves little room for monetary flexibility. If individuals would like to take a step toward ridding themselves of most or all of such debt, they may wish to consider filing for Chapter 7 bankruptcy.

One man in another state recently took such action in order to address his finances. The man is reportedly a neurologist who is currently facing legal troubles due to suspicions surrounding his prescribing of opioids. The investigation resulted from over 64 patients dying of apparent drug overdoses over a five-year span. As a result, the man’s medical license was revoked. However, it is unclear whether this revocation may have contributed to his financial distress.

Nonetheless, the man recently filed for Chapter 7 bankruptcy. Reports indicated that he was facing nearly $600,000 in debt liabilities with only $366,000 in assets. As a result of his filing, the man’s assets will be liquidated in order to repay his debts. Specific creditors were not given in the report, so it is unclear how those liabilities break down as far as who is owed how much.

The man in this case presumably took the best option for his debt predicament. If Tennessee residents would also like to move toward getting a better handle on their debts, they may wish to consider bankruptcy themselves. Chapter 7 is a common form of bankruptcy that could help qualifying individuals get their finances back on track and work toward a more stable financial future.

Source: wvgazettemail.com, “Charleston neurologist files for bankruptcy“, June 10, 2016