Many Tennessee residents, like most Americans, have some amount of debt. For millions of people, their biggest debt concern is student loan debt. For others, it might be their mortgage or car loans. However, for the vast majority of Americans, the costliest debt to have is credit card debt. Why? Because interest on credit card debt can be incredibly high.
Although the national economy is lightyears better now than it was 10 years ago, there are still millions of Americans who are struggling financially, especially when it comes to debt. In fact, some people right here in Tennessee may currently be involved in a foreclosure proceeding, with their home in jeopardy. However, even for those who find themselves in these dire financial situations, there may be options, including filing for bankruptcy.
Tennessee residents know that Chapter 7 bankruptcy can be a useful tool to address burdensome debt obligations. However, they may not know some of the basics about the bankruptcy process and how exactly Chapter 7 bankruptcy works. So, what are some of the basic questions that our readers may have about Chapter 7 bankruptcy that need to be answered?