For many people, the biggest deterrent from seeking Chapter 7 bankruptcy relief is the potential to lose all of their assets. Often, the foremost concern is whether you can retain your primary residence during a Chapter 7 bankruptcy. Unlike Chapter 13, which includes a court-structured repayment plan for your accumulated debts, Chapter 7 involves only discharge of debts, not their repayment. That means that the courts may order you to liquidate some of your assets in order to pay back what you can prior to discharging your debt. In some cases, part of your home equity could be at risk.
We all know that everytime we pay a bill, that's one less payment we make into our own retirement fund. One of the forgotten benefits of bankruptcy is that you can pay yourself, rather than your creditors. People often forget that the payment they don't make to the credit card company can earn a significant amount of compound interest toward their own retirement.
In many cases, individuals who are facing overwhelming debt could be looking at seemingly insurmountable amounts in due balances. When exploring ways to deal with these liabilities, many individuals may wish to look into Chapter 7 bankruptcy. Tennessee residents may be interested in one case taking place in another state in which a man with business debts is taking such an avenue.
Many consumers in Tennessee and other states are harassed by debt collectors every day. Reportedly, the Consumer Protection Financial Bureau is working on overhauling the rules related to debt collecting and the limits placed on collection agencies. The bureau says a recent study revealed that about three in 10 consumers who were questioned indicated that they had experienced creditor or debt collector calls during the past year. One in three of those said the debt collectors tried to collect amounts that had already been paid, or they demanded the wrong amounts. These calls can be for forgotten medical bills, unpaid credit card debt and more.
Bankruptcy is a debt management option that many Tennessee residents may have considered at one point or another. Chapter 7 is the most common form of bankruptcy, and its liquidation process has allowed numerous individuals to get back to financial stability. As such, individuals who are on the fence about filing their own personal bankruptcy may wish to look into the potential benefits.
Filing for bankruptcy is never an easy decision to make. When creditors are calling and bills are left unpaid, it's hard to imagine a way to pay for an attorney and legal fees on top of everything else. However, the expenses of filing for bankruptcy may be less than the growing costs of not filing. In order to make the best decision for your circumstances, take a look at the cost of filing bankruptcy versus the costs of not filing.
Financial difficulties can affect anyone. When Tennessee residents feel that they are in a tough spot financially, they may wonder whether filing for bankruptcy is an option that they should seriously consider. In many cases, Chapter 7 bankruptcy could help qualifying individuals manage their debt and get back on track.
When facing financial troubles, many Tennessee residents may believe they are looking at a hopeless situation in which they will either lose their money or lose their property. However, even if individuals file for Chapter 7 bankruptcy in order to liquidate their assets, there is potential for certain property to be exempt from the filings. As a result, individuals may be able to maintain ownership of that property while also taking care of their debt issues.
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.
Many individuals facing student loan debt may feel as if they will be stuck with it for the rest of their lives. It is not unusual for this type of debt to consist of hundreds of thousands of dollars, and some Tennessee residents may begin to wonder whether the education was worth the cost. However, rather than thinking in such a manner, parties may wish to look into potentially discharging the debt through Chapter 7 bankruptcy.