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January 2019 Archives

Liquidating property does not mean selling off everything

One of the most intimidating aspects of Chapter 7 bankruptcy is asset liquidation. Tennessee residents who use Chapter 7 bankruptcy may not earn enough income to pay off their debts over time and, therefore, may be required to sell their property in order to have money to give to their creditors. Asset liquidation is the process of selling the things that a person owns, but readers should know that they will not need to give up everything they own in order to complete the Chapter 7 bankruptcy process.

Can a person file for Chapter 13 bankruptcy more than once?

Filing for bankruptcy is an event that most Americans will be able to avoid throughout their entire lives. Those who do file for bankruptcy may vow never to let themselves experience financial hardships again so that they may avoid pursuing bankruptcy in the future. However, filing for bankruptcy more than once is something that occurs in the lives of Tennessee residents, but when it comes to pursuing second personal bankruptcy cases, individuals should know that they are limited as to when those subsequent cases may begin.

Making minimum payments won't solve credit card debt problems

When a Tennessee resident receives a statement from their credit card company, that statement will outline what purchases the individual has made with their card in the prior month, what costs have carried over from prior months of purchasing and what minimum payment the individual needs to make to avoid penalties on the account. While some people choose to pay off their credit card bills each month in full, others are not able to do so and just pay the minimums to keep their accounts open and available for additional spending.

Loan consolidation as an option for managing debts

Individuals who have felt the heavy burden of insurmountable debts may have scrambled to find fast solutions to getting out from under the weight of unpaid bills. Despite their efforts, most will likely come to the conclusion that there are no fast fixes when it comes to getting out of a financial hole. While it is imperative that our readers get the right information about their specific options and needs, some Tennessee residents may find debt relief through the practice of loan consolidation.

Lenders accused of taking debtors' funds after bankruptcy filings

One of the biggest protections that Tennessee residents can receive after filing for personal bankruptcy is a stay on actions of collection on their loans. During bankruptcy, a person is generally given time to either liquidate their assets through a Chapter 7 action or create a repayment plan through a Chapter 13 action. The idea is to give a debtor an opportunity to put themselves in the best possible position to alleviate their burdensome financial troubles and to emerge at the end of the process without debts.

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

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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