An Order of Deferment Pursuant to Tennessee Code Annotated 40-35-313 is a court order that allows a defendant to defer the payment of a debt or judgment. This deferment is usually granted when an individual or business is unable to pay a financial obligation in full or on time due to financial hardship. The order of deferment gives the debtor time to make payments over a period of time, usually with no interest or penalties. There are two types of Order of Deferment Pursuant to Tennessee Code Annotated 40-35-313: 1. Automatic Deferment: This type of Order of Deferment is automatically granted when a debtor is unable to pay a debt or judgment in full or on time. The court will issue an Order of Deferment that outlines how the payments will be structured and for how long. 2. Discretionary Deferment: This type of Order of Deferment is granted at the discretion of the court and is usually only granted in special circumstances. The court will consider the financial hardship of the debtor and the ability to pay off the debt or judgment. If granted, the court will issue an Order of Deferment that outlines how the payments will be structured and for how long.
Order of Deferment Pursuant to Tennessee Code Annotated 40-35-313
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