Though there are several options for dealing with debt, ignoring liabilities is rarely the best way to go. Rather than simply living with debt and facing the potential for creditors to begin litigation, Tennessee residents may wish to explore their debt relief options. Bankruptcy reorganization is one path that many individuals have found useful to their situations.
One man in another state filed for bankruptcy protection due to considerable debt liabilities. Reports stated that the filing was made earlier this year after a legal dispute between the man and his brother. His brother is listed as one of the creditors in the man's case due to assisting the man with a home equity loan worth $2.5 million. His total liabilities come in at approximately $4 million.
In efforts to attend to those liabilities, the man hopes to sell his mansion. The home reportedly belonged to his mother, and he came into ownership in 1988. The bankruptcy judge approved putting the house on the market as part of the man's bankruptcy proceedings, but the home must be sold by the end of the year. The report stated that the home was listed for $6.95 million.
Though many individuals may not have millions of dollars in debt, numerous individuals do have thousands in debt, and bankruptcy may be able to help with liabilities of various amounts. Tennessee residents may want to find out more information regarding their potential ability to qualify for this debt relief option. If interested, conferring with experienced attorneys could help shed more light on the process.
Source: mysanantonio.com, "Plan to sell Olmos Park mansion gets bankruptcy judge's OK", Patrick Danner, Oct. 5, 2016