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Could Chapter 7 bankruptcy be right for you?

There is no doubt that for some people, the term "bankruptcy" is a loaded term. It may, in their minds, carry a stigma that suggests that those who use it to manage their overwhelming debts have somehow failed. It is important for readers of this Chattanooga-based bankruptcy law blog understand that bankruptcy is legal, it is important and it is a path that offers individuals choices on resolving their personal financial crises.

Whether a debtor suffers from significant credit card debt, debilitating medical debt, or overwhelming debts related to mortgages or personal loans, bankruptcy may offer an option for financial stability. The two most common types of bankruptcy that individuals elect to pursue are Chapter 13 bankruptcy and Chapter 7 bankruptcy, and each form has its own requirements for eligibility.

Chapter 7 bankruptcy may be a good option for individuals who simply do not have the income to support a repayment plan. In a Chapter 7 bankruptcy, a debtor may liquidate or sell of property that is not exempt by the bankruptcy laws and then use the proceeds of the liquidation to pay off their creditors. After Chapter 7, debtors may find themselves with fewer possessions but also a clean financial slate on which to build a more stable economic future.

Chapter 7 bankruptcy involves sacrifice and hard work on the part of a debtor. A person who endeavors to pursue this process, though, does not have to do so alone. Kenneth Rannick, attorney to law, is prepared to support new Chapter 7 bankruptcy clients who wish to take control of their debts, alleviate their money worries and start a new chapter of their lives without the burdens of debt weighing them down.

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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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