If you own a small business and are struggling with debt, you may be considering bankruptcy. While the bankruptcy process can be stressful, if you go through the process with an open mind and are willing to learn new financial habits, you may come out in a better position on the other side. Filing for Chapter 11 bankruptcy can help your business reorganize so that you can pay off your debts with the assets you have. By understanding more about how the process works, you can decide whether bankruptcy is the right option for your business.   How Chapter 11 bankruptcy works  Unlike ..read more

A major fear many people have about Chapter 7 bankruptcy is that it will cause them to lose property to liquidation. In reality, bankruptcy is quite flexible, and Chapter 7 is not an exception. You may even keep property that creditors have a claim on. Secured property consists of possessions such as real estate or vehicles that serve as collateral. In the event you stop making loan payments, the lender has the right to take the property. Through Chapter 7, you may consider reaffirming the debt to hold on to your secured property. How debt reaffirmation works Generally, Chapter 7 bankruptcy di ..read more

Filing for Chapter 13 bankruptcy offers you a chance to avoid liquidation by completing a repayment plan to pay at least some of your outstanding amounts over time. If you fear you might have trouble sticking to the plan, understand that a repayment plan is not set in stone. It is possible to modify the plan before a court approves it. However, you could also submit an amendment to the court after approval if different events warrant it. Changes in life circumstances Your repayment plan is dependent on your situation as you know it. However, life may throw unexpected challenges your way. You c ..read more

Some Tennesseans, who are in considerable debt, continue to put off looking into bankruptcy because they’re embarrassed of the personal repercussions. While bankruptcy can be a stressful process, there is no reason you should be embarrassed about taking the steps needed to help yourself get out of debt. Being in debt can feel overwhelming, and you may not be aware of how the process works, especially when it comes to what assets you must liquidate and what assets you can keep. Understanding more about bankruptcy can help you decide if it’s right for you. The pros of bankruptcy Bankruptcy is a ..read more

Filing for bankruptcy provides individuals with a fresh financial start, allowing them to alleviate the burden of overwhelming debt. However, many individuals wonder about the consequences regarding their creditors, particularly credit card companies. Understanding why a credit card company cannot sue you after bankruptcy sheds light on the protections afforded to debtors under bankruptcy laws. Bankruptcy gives legal protection Once you file for bankruptcy, a protection called an “automatic stay” kicks in. This stops creditors, including credit card companies, from taking any legal action agai ..read more

Deciding to file for Chapter 7 bankruptcy is a significant step that will impact your financial future. This type of bankruptcy can offer a fresh start by discharging certain debts. Before moving forward, you should understand what Chapter 7 bankruptcy entails and how it could affect your life. Understanding Chapter 7 bankruptcy Chapter 7 bankruptcy allows individuals to erase most of their unsecured debts, such as credit card debt and medical bills. In this process, a trustee sells any non-exempt property to pay back creditors. You cannot discharge all debts in Chapter 7. You will remain resp ..read more

You may be one of the many Americans who struggle with debt. Many people find themselves in difficult financial situations through unexpected situations such as job loss, a medical emergency and more. It does not take long to accumulate balances you can no longer manage and to start missing payments on your mortgage and other bills. Thankfully, there could be a way out for you.  One of the most important options available to those with significant amounts of debt is bankruptcy. This is a process that can shield you from action taken by creditors, and it can provide you a way to deal with ..read more

One of the most telling signs of the health of the economy is the amount that consumers are spending. A positive sign is that people are spending more, with retail and food purchases topping out at over $700 million at the beginning of this year. This represents a 0.6% increase, which may not seem significant, but it indicates a rise in consumer confidence. You may also be someone who is spending more than you were at this time last year. If you are spending more now than you were in the past, you may find that your financial situation is quickly becoming more than you can effectively manage ..read more

When you are getting ready to file for bankruptcy in Tennessee, you must be even more careful with your financial actions. Otherwise, certain mistakes can slow or derail the process. This can be especially true when it comes to your credit card usage. 1. Accumulating new, unnecessary debt The average credit card balance in Tennessee is $5,688. Accumulating new credit card debt can complicate your financial situation and may impact the outcome of your bankruptcy proceedings. Exercise restraint and resist the temptation to make unnecessary purchases on credit. Food, utilities and rent expenses a ..read more

Even the most successful and efficient of businesses can occasionally face financial issues. Sometimes these challenges are the result of the overall economy, while in other cases, the problems may be more specific to the individual company. One of the most critical steps that many savvy business owners take during these trying times is determining the most adequate debt relief option for their unique circumstances. As a business owner, your primary goal when facing these challenges is most likely keeping your doors open and remaining as close to fully operational as possible. This is where fi ..read more