It is not uncommon for individuals to become resistant to situations if they feel they have been pushed into a corner. Even if a potential suggestion could be beneficial, Tennessee residents may balk at an idea if they feel they are being forced into the decision. Some individuals may feel such opposition if they are faced with an involuntary Chapter 7 bankruptcy petition. However, bankruptcy could prove valuable to those struggling with considerable debt.
Christian D. Laettner -- a former professional basketball player -- is currently facing a similar situation. Reports stated that five creditors are hoping to force Laettner into bankruptcy. The man's obligations were described as business debts and apparently had to do with real estate development that did not prove fruitful. As a result, he is reportedly facing more than $14 million in debt.
Though the creditors would like a Chapter 7 filing, Laettner is still hoping to handle the debts on his own. He hopes to negotiate in order to avoid bankruptcy. However, he may not be fully aware of the benefits that could stem from following through with Chapter 7. The filing may allow him to clear himself of the debts in a timely fashion and pave the way for a return to financial stability.
Learning more about Chapter 7 could allow Laettner and other individuals to see more of the positive outcomes that could stem from the process. Being forced into a situation is never comfortable, but voluntarily filing for bankruptcy may allow individuals to lead a less stressful life as they work to lift financial burdens. Information on this debt management option may help Tennessee residents find out if it could be right for them.
Source: buffalonews.com, "Laettner faces bankruptcy petition", July 5, 2016