When facing financial troubles, many Tennessee residents may believe they are looking at a hopeless situation in which they will either lose their money or lose their property. However, even if individuals file for Chapter 7 bankruptcy in order to liquidate their assets, there is potential for certain property to be exempt from the filings. As a result, individuals may be able to maintain ownership of that property while also taking care of their debt issues.
One man in another state is currently attending to such a matter after recently filing for Chapter 7. Reports stated that the man was a former politician who is now incarcerated due to a theft conviction. Nonetheless, the man was able to file for bankruptcy in order to address over $300,000 in debt. That amount stems from credit card balances and personal loans.