 Understanding Chapter 7 and Chapter 13 Bankruptcy in Tennessee
Law Office of Verner Smith – Jackson, TN 📞 (731) 423-1888 If you're facing overwhelming debt, you’re not alone — and you do have options. At the Law Office of Verner Smith, we help individuals and families across West Tennessee understand the paths available under U.S. bankruptcy law. Two of the most common options are Chapter 7 and Chapter 13 bankruptcy — each designed to give people a fresh financial start under very different circumstances. Chapter 7 Bankruptcy: A Fresh Start Chapter 7 bankruptcy, often called “liquidation bankruptcy,” is typically designed for individuals who are unable to repay their debts. In many cases, this can allow for the discharge of most unsecured debts, such as credit card balances and medical bills. It’s important to know that eligibility for Chapter 7 depends on your income and financial situation. We’ll guide you through the process and help determine if this option is right for you. Chapter 13 Bankruptcy: A Path to Repayment Chapter 13, sometimes called the “wage earner’s plan,” is ideal for individuals with regular income who are struggling to keep up with debt payments. It allows you to restructure your debts into a manageable payment plan over a period of time — and may even help stop foreclosure or repossession. Chapter 13 may be a good fit if you're behind on your mortgage or car loan but want to keep your property. It can also help consolidate debts into a single monthly payment. Why This Matters Now Recent trends show that both Chapter 7 and Chapter 13 filings are rising nationwide, as families feel the effects of inflation, medical debt, and job uncertainty. Choosing the right type of bankruptcy — or exploring alternatives — can make a long-term difference in your financial future. You Don’t Have to Navigate This Alone Bankruptcy law is complex, but you don’t have to figure it out by yourself. At the Law Office of Verner Smith, we’ve helped thousands of Tennesseans take back control of their finances with straightforward advice and personalized legal support. We’ll sit down with you, look at your full financial picture, and explain what options make the most sense for your situation. Whether you need a fresh start or a structured way to catch up, we're here to help. 📞 Call us today at (731) 423-1888 to schedule your consultation. Take the first step toward peace of mind — we’re ready when you are.  (1/4/22) The latest statistics from the Bureau of Labor Statistics say a record 4.5 million quit their jobs in the month of November, 2021. The categories featuring the most 'quits' were the hospitality industry as well as health care, followed by warehousing, transportation, and utilities. The quit rate was more than twice as high as layoffs/discharges. Experts speculate the service and health care industries are more likely to result in quits due to concerns about COVID-19 exposure. Lower entry pay and a lack of opportunity for tips and advancements also impact the service industry. The South recorded the highest quit rate, greatly eclipsing other sectors of the country. Nearly 1.9 million workers in the South quit their jobs, compared to 611,000 in the Northeast, 960,000 in the West, and 999,999 in the Midwest. More details here: https://www.bls.gov/news.release/jolts.nr0.htm If your family is struggling due to COVID related issues, call us at the law office of T. Verner Smith. Through financial restructuring, debt resolution, or legal options including but not limited to bankruptcy, there are ways to relieve the pressure and chart a path to a better future. Don't be embarrassed, don't be hesitant, you are not alone, and taking action now is the smart approach. Call us at (731) 423-1888 and schedule a free consultation.  According to at least one on-line article, the current unemployment rate is nearly DOUBLE what they say it is.
In an article written earlier this week (here), the author says "the Bureau of Labor Statistics doesn't actually count the number of people who are employed/unemployed; they rely on a sampling survey of employers, which is more like an election poll than an actual measurement." He goes on to say that the data collectors "ignore the 14.3 million contract/gig workers who are currently drawing emergency Federal unemployment via Pandemic Unemployment Assistance, and the 936,000 in the Pandemic Emergency Unemployment Compensation program." Additionally, he writes "...even the 21% real-world unemployment rate doesn't reflect the full unemployment picture (which should include) previously full-time workers who have had their hours cut to part-time." He notes those tabulations aren't figured into the totals at all, yet they do exist. And finally, a group that is often left out of the unemployment picture are small business owners who have closed. Those who are incorporated and paid unemployment insurance on THEMSELVES qualify for unemployment, HOWEVER, many owners didn't pay themselves as employees - and their status is uncertain and uncounted. Ultimately, as the article clearly notes, while an unemployment figure of 12% is more than triple what it was less than 6 months ago...the ACTUAL number is much worse than reported. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today! |
Verner smith blogCall us at (731) 423-1888 Archives
May 2025
Categories
All
|
RSS Feed
No attorney-client relationship is established by contacting the firm; No confidential info should be sent via the internet; No legal advice is given on the site.
Privacy Policy - Website Disclaimer
Privacy Policy - Website Disclaimer