When Dealing With A Ch 11 Bankruptcy TN Courts Are Extremely Careful
by Stephanie Thompson
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 <a href="https://www.chattanoogach11.com/new-publication-consulting">Ch 11 bankruptcy TN</a> 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.
Those that decide to go ahead with an application must accept the fact that the process is lengthy, humiliating and often embarrassing. Every aspect of the lifestyle and financial situation of the applicant will come under scrutiny. They will be forced to submit all their records and provide a detailed account of all their financial transactions. They will also have to submit a list of all their 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.
Only once the trustee informs the court that he has done everything he can to pay the creditors of the applicant will the court finally issue a discharge order. When this is done, the applicant may no longer be contacted by his creditors. The order does not cancel all his obligations, however. He will still have to pay outstanding taxes and the payments on any secured loan. Support payments must also continue.
In a large percentage of cases, applicants simply waited far too long before they too action in dealing with their financial problems. The best course of action is to seek help from a lawyer specializing in these matters as soon as it becomes clear that matters are not likely to get better. If there is no other solution than filing in terms of chapter eleven, at least the lawyer can protect his client from the tremendous stress involved.
Being bankrupt has long term consequences. The applicant will not easily obtain financing again and his credit record will be ruined for a very long time. The loss of his assets can easily lead to long term financial ruin too.
Let us introduce the most important <a href="http://www.chattanoogach11.com/new-publication-consulting">ch 11 bankruptcy TN</a> publications by pointing you in the right direction. Log on to this informative website at http://www.chattanoogach11.com/new-publication-consulting and review all the details today.
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