It seems as if one cannot turn around without hearing about yet another business or person that is in serious financial trouble. Massive job losses, global financial insecurity and serious fluctuations in the exchange rates are just a few factors contributing to this growing problem. Businesses and individuals in serious trouble do what they can to solve their problems, but in many cases they reach a point where they simply cannot see the way forward. With a Ch 11 bankruptcy TN citizens can try to start anew.
Having oneself or a business declared bankrupt is a very serious matter. It is not an easy way out of debt and other financial obligations. Courts are reluctant to grant such an order and they will first make absolutely sure that the applicant is truly unable to meet his commitments. A means test is applied and the financial dealings of the applicant will be examined.
Applying to be declared bankrupt should be the absolutely final solution. Every effort should be made to find other solutions. In many cases, creditors will be willing to adjust their payment schedules to stretch over a longer period with smaller monthly payments. It may even be possible to obtain finance in order to pay off all debt and pay one single creditor back.
If a decision is made to proceed with an application, the applicant should understand that it is a very long process that is almost guaranteed to be extremely stressful and often even humiliating. The applicant will have to make all his records and documents available for scrutiny. He will have to explain his life style and he will have to provide a detailed inventory of all his assets.
Once the court accepts the application, a trustee will be appointed without delay. Trustees have wide powers and they will concentrate on satisfying the demands of the creditors, not the needs of the applicant. To do this, they will seize the assets of the applicant and sell them to raise money that can be distributed among the creditors. The applicant will be left with the bare minimum needed to survive.
As soon as the trustee is satisfied that everything possible has been done to satisfy the demands of the creditors, the court will finally issue a discharge. Once this is done, creditors may no longer make demands upon the applicant. However, not all obligations are erased with a discharge order. Secured loans, child support payment, back taxes and maintenance payments must still be paid.
Financial experts agree that the majority of applicants waited too long to address their financial problems. If they acted as soon as the trouble started, drastic measures such as bankruptcies can often be avoided. It is only human to ignore problems and hope they will go away. They will not and the only sensible thing to do is to seek professional help as soon as possible.
The bankruptcy laws are not designed to protect those that find themselves in serious financial trouble. It is there to protect the interests of the creditors. Being bankrupt has serious consequences and it is important to make absolutely sure there is no alternative.
Having oneself or a business declared bankrupt is a very serious matter. It is not an easy way out of debt and other financial obligations. Courts are reluctant to grant such an order and they will first make absolutely sure that the applicant is truly unable to meet his commitments. A means test is applied and the financial dealings of the applicant will be examined.
Applying to be declared bankrupt should be the absolutely final solution. Every effort should be made to find other solutions. In many cases, creditors will be willing to adjust their payment schedules to stretch over a longer period with smaller monthly payments. It may even be possible to obtain finance in order to pay off all debt and pay one single creditor back.
If a decision is made to proceed with an application, the applicant should understand that it is a very long process that is almost guaranteed to be extremely stressful and often even humiliating. The applicant will have to make all his records and documents available for scrutiny. He will have to explain his life style and he will have to provide a detailed inventory of all his assets.
Once the court accepts the application, a trustee will be appointed without delay. Trustees have wide powers and they will concentrate on satisfying the demands of the creditors, not the needs of the applicant. To do this, they will seize the assets of the applicant and sell them to raise money that can be distributed among the creditors. The applicant will be left with the bare minimum needed to survive.
As soon as the trustee is satisfied that everything possible has been done to satisfy the demands of the creditors, the court will finally issue a discharge. Once this is done, creditors may no longer make demands upon the applicant. However, not all obligations are erased with a discharge order. Secured loans, child support payment, back taxes and maintenance payments must still be paid.
Financial experts agree that the majority of applicants waited too long to address their financial problems. If they acted as soon as the trouble started, drastic measures such as bankruptcies can often be avoided. It is only human to ignore problems and hope they will go away. They will not and the only sensible thing to do is to seek professional help as soon as possible.
The bankruptcy laws are not designed to protect those that find themselves in serious financial trouble. It is there to protect the interests of the creditors. Being bankrupt has serious consequences and it is important to make absolutely sure there is no alternative.
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