Filing bankruptcy is not a joke, and it’s not a decision you make in passing. The benefits of bankruptcy are long-lasting and essential to many consumers stuck in impossible financial situations. However, the consequences of bankruptcy are also not easily dismissed. If you are in an impossible financial crisis and can’t see a way out other than bankruptcy, make sure you get the most out of the situation with these tips for a successful bankruptcy case. 3 Tips for a Successful Bankruptcy Filing: Be Honest Stay Informed Follow Your Attorney’s Counsel The Importance of Being Honest During Bankr ..read more

If you are a high-income earner in Georgia or Tennessee facing financial hardship, you may feel like you have no options, but it’s not true. Many high-income earners face financial hardship, more than ever following the pandemic. If you are struggling to meet your financial responsibilities, you may qualify for Chapter 7 bankruptcy. What Does Chapter 7 Bankruptcy Include? When filing Chapter 7 bankruptcy in Georgia or Tennessee, you can expect to discharge most unsecured debts. Discharging an unsecured debt means you are no longer liable for repaying the creditor. Various “debts” fall into the ..read more

Most often when people think of bankruptcy, they consider the discharge of debt – they focus on the money. However, while the purpose of filing bankruptcy is to provide a fresh financial start, provide the protections of bankruptcy to those in need, and issue a discharge of debt, there are other benefits that should probably receive more attention. Filing bankruptcy can have significant positive effects on families – and most of the benefits aren’t financial. 5 Reasons Bankruptcy Benefits Families: 1. Drastic Decrease in Stress Levels: When a family is stuck in an inescapable cycle of debt, ov ..read more

Most Americans have some type of debt – an auto loan, a mortgage, student loans, credit card balances, unpaid medical bills, etc. According to an Experian consumer debt study in which the group analyzed credit report information for a statistically relevant sampling from their database, outstanding consumer debt in the U.S. reached $14.88 trillion in 2020. That shows an increase of more than $3 trillion from the $11.32 trillion average in 2010. In 2020, the average individual debt was around $92,727. But even more interesting is that the debt burden was not spread evenly over generations. Gen ..read more

Chapter 7 bankruptcy is known as the liquidation bankruptcy because the bankruptcy court liquidates the petitioner’s assets to pay their creditors (with exemptions, of course). However, did you know that you can decide whether to keep or surrender your car or truck during a Chapter 7 bankruptcy? What Happens to Your Car During a Chapter 7 Bankruptcy? There is no motor vehicle exemption in Tennessee, but petitioners may choose to use their $10,000 wildcard exemption to exempt car equity. If you can’t protect the equity in your car with an exemption, the trustee will sell the vehicle. Suppose yo ..read more

Gas prices and housing costs are rising across the nation. With the increased prices for housing and gas (as well as food, transportation, and even medical care), American families are just spending more. However, for many, the increased expenditure isn’t just a change to their bottom line; it wasn’t in the budget. So, where are they finding the additional funds? Increased Pricing Means Higher Demands on Americans’ Incomes: Consumers are paying more for what they are used to buying, from filling up their vehicles with gas to groceries to used vehicles. The overall higher cost of living is putt ..read more

When filing bankruptcy, state and federal bankruptcy laws determine who qualifies, which debts are eligible for discharge, what counts as income, etc. For renters, one of the main concerns pertains to their living situation. For example, can a Georgia landlord evict you during a Georgia bankruptcy? Rental Eviction and Georgia Bankruptcy: When discussing the possibility of rental eviction during a Georgia state bankruptcy, it’s important to consider the timing of the bankruptcy filing and any eviction proceedings already in motion. When a bankruptcy is filed, an automatic stay immediately goes ..read more

Considering that American families depend on bankruptcy when they don’t have the financial means to cover their expenses, it’s not surprising that many potential bankruptcy filers worry about what will happen to their public benefits when they declare bankruptcy. What is the Purpose of Bankruptcy? When individuals file a Tennessee bankruptcy, they generally turn to one of two types of bankruptcy protection available: Chapter 7 and Chapter 13 bankruptcy. In both types of bankruptcy, the goal is to remove the burden of debt from the consumer. How Does Chapter 7 Help Consumers Overwhelmed by Debt ..read more

Many different financial backgrounds and circumstances can lead to bankruptcy. No one’s situation is exactly the same. However, many bankruptcy filers do head to court for similar reasons: job loss, medical debt, and divorce being three of the most common. How Much Debt is Too Much Debt? Many potential bankruptcy filers ask the same questions in their initial consultation. One question many ask is how much debt is too much debt? The simple answer is if you’re questioning whether or not you have too much debt, assume you do. And take action to decrease your spending or increase your earnings, a ..read more

If you’re considering filing bankruptcy, you are likely already aware that the bankruptcy filing ends up on your credit report, but do you know how it gets there? Does the Bankruptcy Court Report My Information to the Credit Bureaus? Many assume that the three major credit bureaus (Equifax, TransUnion, and Experian) receive information from the Bankruptcy Court. However, the Bankruptcy Court has no interaction with the credit bureaus. The Bankruptcy Court does not report information on cases to the bureaus and they do not verify the accuracy of the information in connection to their cases list ..read more