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Chapter 13 Archives

To get debt under control, homeowners may consider Chapter 13

Falling behind on mortgage payments is not uncommon. In some cases, people are able to catch up or negotiate with the lender for some extra time. However, if hardships cause a person in Tennessee to fall too far behind, or if the lender demands the full amount of missed payments to avoid foreclosure, this does not always mean the person will lose his or her home. There are other alternatives to get debt under control.

Can a consumer in Chapter 13 bankruptcy get auto financing?

Tennessee consumers who are experiencing financial difficulties may have chosen to regain financial stability by filing for personal bankruptcy. While it may be great to have the opportunity to reorganize debts with an extended repayment plan, a consumer's circumstances can change over the three-to-five year payment period. An unreliable vehicle may have to be replaced, but how does a debtor get auto financing while in Chapter 13 bankruptcy?

The benefits of a Chapter 13 bankruptcy filing

A 2014 study by a prominent university has determined that bankruptcy may actually be beneficial to individuals threatened with foreclosure. Tennessee residents may be interested in knowing that a Chapter 13 bankruptcy filing can mean the difference between keeping and losing a home to foreclosure. It has been found to be more effective than Chapter 7, as in incidences of asset liquidation, a home is usually the first thing to go.

The ability to establish credit after bankruptcy proves stability

No one has tried to hide the fact that bankruptcy can indeed hurt one financially. However, without filing for bankruptcy, one will likely sustain more financial damage than if he or she was to simply file for protection and get rid of accumulated debt. However, because most Tennessee residents are well aware of the fact that bankruptcy remains on one's credit report for several years, many turn a cold shoulder to it.

Get debt under control by considering Chapter 13 bankruptcy

As many Tennessee residents may be aware, bankruptcy can happen to anyone from the wealthy to the poor. It doesn't matter how much money one may have or what type of upbringing one has had, it is possible for debt to continue to pile up. Fortunately, there are options for Tennessee residents who would like to get their debt under control, such as Chapter 13 bankruptcy.

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LAW OFFICE OF W. THOMAS BIBLE, JR.
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Chattanooga, TN 37421

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