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Personal Bankruptcy Archives

Dedicated legal representation for personal bankruptcy needs

There are certain events in life that Tennessee residents may wish to face alone. When they feel that they have let others down, or when they feel as though they have a challenge that only they can overcome, they may elect to face their problems on their own. There is one major trial, however, through which individuals may wish to seek professional counsel in order to achieve the best possible outcome, and that is overwhelming debt.

Impact of bankruptcy on finances improves over time

One of the biggest fears that a debtor may have about filing for bankruptcy is the financial challenges they will experience once they have secured their discharge. Despite feeling the crush of overwhelming loans and fees, a Tennessee resident may choose to forego an opportunity to file for bankruptcy because they believe the harm that it will impose on their future is too great. While individuals who file for bankruptcy do often suffer from hits to their credit scores, the challenges they face in the years after their discharge decrease over time.

There are advantages to filing for personal bankruptcy

Bankruptcy is a serious legal process that can have long-term financial ramifications on the economic health of those Tennessee residents who choose to pursue it. However, for some, the potential drawbacks of having a bankruptcy on their records may be outweighed by the advantages they experience by ridding themselves of burdensome debts.

Different debts have different prioritizations in bankruptcy

In Tennessee, a Chattanooga resident may hold a number of different debts. They may carry balances on their credit cards and may owe money on their home mortgage. If they have a car payment then they are also responsible for paying off a debt to a lender and they may also have debts to banks, friends and family members. All of these different debts, when lumped together, can make for an overwhelming financial situation for the individual and may eventually lead them to consider filing for bankruptcy.

What is the automatic stay in a bankruptcy proceeding?

Though few Tennessee residents ever want to file for bankruptcy, many are able to turn their financial fortunes around through this legal process. Whether they liquidate assets to repay creditors through Chapter 7 bankruptcy or reorganize their monthly payments through Chapter 13 bankruptcy, many experience the benefits of the process before it is even complete. One of those benefits is the automatic stay which will be the topic of discussion for this blog post.

Despite decline, many still file for personal bankruptcy

When financial challenges become overwhelming and a Chattanooga resident has few options for improving their money problems on their own, they may turn to personal bankruptcy as a means of getting out from under burdensome debt. Whether through Chapter 7 bankruptcy or Chapter 13 bankruptcy they may be able to establish strong financial footing, and based on data provided by the United States Courts, they would not be alone.

A lawyer can help with the bankruptcy means test

Tennessee debtors worried about their financial future may feel overwhelmed by financial challenges, but bankruptcy may be an option. But, getting over the mental hurdles of bankruptcy can be hard, even though it is a time-tested and legal debt relief solution. Having legal assistance to walk the person through the process is essential, like understanding the means test.

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.

Background on bankruptcy with creditors and employment

Tennesseans who are thinking about filing for bankruptcy due to financial challenges will undoubtedly consider the option due to the allure of debt relief and moving forward with his or her life. Whether it is a Chapter 7 bankruptcy, a Chapter 13 bankruptcy or some other chapter, there are certain factors that must be understood even after the case is completed. Two that frequently arise are if the creditor continues trying to collect on a discharged debt after the case has been completed and how a bankruptcy affects employment at a current job.

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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