Many Tennessee residents may be hesitant when it comes to filing for bankruptcy. It is understandable as many individuals may lack the proper information when it comes to how bankruptcy can help parties who are plagued by credit card debt or unexpected medical expenses. Therefore, individuals may benefit from learning more about this debt relief option and how it may affect their situation.
One woman in another state recently gave her account of filing for bankruptcy. It was reported that she had more than $20,000 in household debt due to $6,000 in credit card debt that accumulated after a car accident and $15,000 in medical debt due to needing emergency surgery. She also stated that she was receiving stress-inducing phone calls from debt collectors.
As a result of her situation, she decided to file for chapter 7 bankruptcy. She stated that she felt relief after making the decision to file, though it was a hard decision. Once she began to move forward, she discovered that the process was not as intimidating as she expected. After the proceedings were over, she found that she was able to bring her credit score back up and that even when her score was impacted by bankruptcy, she still received offers from credit card companies.
Many individuals may find themselves in situations such as this in which they may be hesitant to file for bankruptcy, but their credit card debt or other expenses have become too overwhelming. If Tennessee residents are looking for a way to get their finances back on track, they may find that bankruptcy could be a viable option. Gathering more information on this option may help interested parties feel less intimidated and understand the benefits of bankruptcy.
Source: businessinsider.com, “What one woman learned from declaring bankruptcy after taking on $20,000 of debt“, Libby Kane, July 21, 2015