A Tennessee resident who wants to be rid of personal debt for a fresh financial start may want to consider filing a Chapter 13 bankruptcy case. The lawyers at Kenneth C. Rannick P.C. completely understand the financial turmoil that people often experience due to mounting and uncontrollable debts. Our attorneys have gained years of expertise helping individuals file Chapter 13 bankruptcy. We use the best bankruptcy practices to help our clients try and get back on their financial feet quickly.
A Tennessee resident who does not want to the most valuable assets, such as property or a home, can file for Chapter 13 bankruptcy, which allows for a repayment plan to help pay debts over time without the creditors seizing the assets.
Like many Americans, a significant number of Tennessee residents end up under the weight of too much debt. In many cases, an unexpected event-a medical emergency, unforeseen car repairs or a lost job-ends up breaking the household budget and putting even responsible people under financial strain. And for many people who end up in debt, there is no way weekly or monthly paychecks will ever allow them to pay off the debts that they owe. In many cases, they just barely make it week to week. Fortunately, one legal and responsible way out may be to file for bankruptcy under Chapter 13 of the U.S. Bankruptcy Code.
A debtor becomes eligible for bankruptcy discharge under Chapter 13 procedures after the debtor has paid off all debts. In order to qualify for Chapter 13 bankruptcy discharge, however, the debtor must prove a few things in a court of law. First, the debtor must prove that all obligations relating to domestic support have been paid off. The debtor may even produce any documentary evidence, such as certificates, in order to prove such payments.
Most Tennessee residents probably want nothing more than to start the New Year on a high note. For people struggling to reduce debt, however, this could seem like nothing more than a dream. Fortunately, debt relief is possible for these people. Toward this end, our law firm believes Tennessee residents could benefit from looking into how a Chapter 13 bankruptcy filing could help in 2015.
For some Tennessee residents who are neck deep in financial trouble, hope that they can find a way out of their predicament can keep them going. Sometimes, however, the desire to get out from under debt and stop creditor harassment leads them to turn to the false hope offered by people who prey on those who are desperate, which often leads to an even worse predicament. Our law firm, on the other hand, can offer something genuine to many Tennessee residents drowning in debt: a Chapter 13 bankruptcy filing.
Many Tennesseans struggling with financial challenges may view bankruptcy as a solution of last resort. It should, however, be at the top of their list of solutions, especially Chapter 13 bankruptcy. Known as a "wage earner's plan," this form of bankruptcy will allow a filer to find debt relief through a repayment plan that lasts from 3 to 5 years.
If a Tennessee resident has exhausted all debt relief options but still cannot get out of the debt, filing for bankruptcy is often the most logical scenario. However, some Tennessee residents may hesitate to explore bankruptcy filings because they are unfamiliar with its merits. Chapter 13 bankruptcy is one of those filings and this type of bankruptcy has often taken a backseat to the more well-known Chapter 7 bankruptcy. Nevertheless, Chapter 13 can lead to the fresh financial start that some Tennessee residents have been longing for.
To superstitious Tennesseans, the number 13 is unlucky. Add bankruptcy, an idea that many people regard with disapproval and the idea that the combination can be beneficial seems somehow suspicious. We, however, find nothing unlucky or unfortunate about Chapter 13 bankruptcy. Instead, we take pride in proving to our clients how incredibly valuable a Chapter 13 bankruptcy filing can be if they want a fresh financial start.
Whether in Tennessee or South Dakota, any homeowner who has worked hard to buy a house for his or her family would find the prospect of losing it to debt heartbreaking. Unfortunately, this has been the reality for far too many homeowners over the last decade as the economy tumbled and people lost jobs and amassed significant debt. One recent study, however, notes that people with massive debt often overlook one perfectly good way to keep their homes: bankruptcy.