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Helping good people through bad times

October 2017 Archives

What property is exempt when one files for Chapter 13?

Tennesseans who are drowning in debt and desperate to make a fresh financial start will often see Chapter 13 bankruptcy as a financial lifeline. Chapter 13 is different from Chapter 7 in that there is no liquidation, and there will be a payment plan for three to five years.

A Chapter 7 bankruptcy can be revoked in some cases

When a Tennessean takes the step to file for Chapter 7 bankruptcy, it is done with the expectation that they will receive a discharge for their debts and they can move forward free of their financial challenges. However, it is not a guarantee that filing for Chapter 7 will lead to the discharge with no subsequent issues. The reality is that the discharge can be revoked. Understanding when this can happen and other possible sticking points to a bankruptcy is a solid strategy to avoiding them.

Study shows large portion of Americans with credit card debt

Tennesseans who are in debt are in that position for a variety of reasons. In many cases, they will think they are alone. But, it might be beneficial to understand the statistics of debt -- particularly credit card debt -- is affecting a significant number of Americans. When the debts have become overwhelming, people must also be aware that they have alternatives, such as personal bankruptcy and other forms of debt relief to improve their situation.

How much is the homestead exemption under Chapter 7?

Tennessee debtors feeling overwhelmed by what they owe to creditors and other entities might not know what to do about their debts. Chapter 7 bankruptcy is often a viable option, but certain concerns will preclude some debtors from moving forward. One issue is what property is exempt, which itemps a person can keep. Knowing what falls into the exempt will provide a foundation as to whether Chapter 7 is the preferable option.

Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-954-7180
Phone: 423-624-4002
Fax: 423-624-0509
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