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Chattanooga Bankruptcy Law Blog

What are bankruptcy exemptions?

Working through a bankruptcy from filing to discharge may seem daunting for a Tennessee resident. For example, under Chapter 13 bankruptcy, a debtor may have to find a way to commit much of their disposable income to the repayment of their debts. Under Chapter 7 bankruptcy,…

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The wild card exemption of a Tennessee bankruptcy

Bankruptcy exemptions are intended to allow debtors to keep some of their property when they elect to file for bankruptcy. Exemptions can be particularly important to debtors who choose to pursue Chapter 7 bankruptcy, which is often referred to as “liquidation bankruptcy”. In Chapter 7 bankruptcy,…

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Do you need to give up your property if you file for bankruptcy?

Chapter 7 bankruptcy can seem like an extreme financial process for those Tennessee residents who are struggling to find solid financial footing. Often referred to as “liquidation bankruptcy,” this form of bankruptcy requires filers to sell off items of personal property in order to come up…

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Bankruptcy during retirement can be scary without help

Many Tennessee residents have worked their entire lives to pay down their homes, build up their retirement funds, and prepare themselves to ride out their lives without the hassle and worry of everyday employment. For most, a well-executed plan can get them comfortably into retirement. For…

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Homestead exemption is higher for older Tennessee residents

One of the biggest fears that a Tennessee resident may face when considering bankruptcy is the prospect of losing their home. Depending upon the form of bankruptcy the person chooses to pursue, they may have to sell off or liquidate some of their possessions in order…

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Can I keep my car if I file for bankruptcy?

Although Chapter 13 bankruptcy allows a Tennessee debtor to keep their personal property and repay their creditors through a reorganization of their assets and income, Chapter 7 bankruptcy, to some extent, does not. In a Chapter 7 bankruptcy, a debtor is required to sell off or…

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Homestead exemptions and Tennessee bankruptcies

Residents may have heard of the idea of “homestead exemptions. And, they may be more familiar with the concept in the context of the taxes. Nonetheless, a more important use of the idea may be when filing bankruptcy. Bankruptcy exemptions are used by debtors to carve…

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Is there an exception to ‘wildcard’ bankruptcy exemptions?

It is a sad reality of modern American life that it presents many opportunities to fall into debt. Whether one owes money to credit card companies, hospitals or other medical professionals, or has gotten behind on mortgage payments, being in debt is generally no fun. A…

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What bankruptcy can and cannot do for your unpaid child support

Divorce can bring significant financial changes, and for some Tennessee residents, it can set the stage for significant financial hardship. Parents ordered to pay child support may find that it is difficult to keep up with their financial obligations, despite the best of intentions. If you…

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Can a Tennessean keep their house through bankruptcy?

When things go bad, they go really bad. So, when a person gets behind on some of their bills, they usually get behind on all of them. And that means an assortment of unhappy creditors, including the bank that holds the mortgage on a Tennessean’s home.…

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