Addressing financial responsibilities can seem like a daunting task for Tennessee residents facing considerable debt. Determining when to make payments and whether more than the minimum can be paid are decisions that many individuals may struggle with on a daily basis. For parties who are facing such difficulties, bankruptcy may be a viable option to consider when looking for debt relief.
Several individuals in another state recently followed this path due to their debt issues. Reports stated that four individuals filed for Chapter 7 bankruptcy and one individual filed for Chapter 13. With the Chapter 7 filings, one man owed more than $1 million dollars, and though he had assets totaling more than the amount owed, bankruptcy could allow him to discharge and repay his debts through liquidation without having to give up all of his assets.
For the individual filing Chapter 13, her process will involve a court-approved repayment plan. Her assets were reported as being nearly $7,000, but her liabilities were far more considerable, totaling $124,596. Filing for bankruptcy may allow her to fully address her debt issues, though the liabilities appear to be comparatively substantial.
Debt amounts can vary from person to person, and the amount of money and assets available to repay that debt can also vary. As a result, each situation is unique to the individual or individuals involved. However, bankruptcy is an option that could suit many different circumstances, and exploring the different types of bankruptcy could help interested Tennessee residents find out whether following such an avenue could be in their best interests.
Source: newspressnow.com, "Bankruptcies, Sept.25", Leanna Murphy, Sept. 24, 2016