LIVELINES: BANKRUPTCY CALLS
When it comes to bankruptcy, Tennessee, Georgia, and Alabama are at the top of the list... as people find themselves struggling during the tough economy and trying to keep their head above water when it comes to their finances.
Attorney Carol Carter was our guest. She gave us a quick lesson on bankruptcy 101.
She says one needs to sit down with a professional and carefully weigh their options before deciding whether or not to file for bankruptcy.
She also discussed the differences between the various chapters of bankruptcy.
-Chapter 7 is known as "straight" bankruptcy or "liquidation." It requires a debtor to give up property which exceeds certain limits called "exemptions", so the property can be sold to pay creditors.
-Chapter 11, known as "reorganization", is used by businesses and a few individual debtors whose debts are very large
-Chapter 12 is reserved for family farmers.
-Chapter 13 is called "debt adjustment". It requires a debtor to file a plan to pay debts (or parts of debts) from current income.
Carol also told us that if someone is married, they can file by themselves, but your spouse will still be liable for any joint debts. If you file together you will be able to double your exemptions.
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