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August 2016 Archives

The Cost of Filing Bankruptcy Versus the Growing Cost of Not Filing

Filing for bankruptcy is never an easy decision to make. When creditors are calling and bills are left unpaid, it's hard to imagine a way to pay for an attorney and legal fees on top of everything else. However, the expenses of filing for bankruptcy may be less than the growing costs of not filing. In order to make the best decision for your circumstances, take a look at the cost of filing bankruptcy versus the costs of not filing.

Chapter 7 could help Tennessee residents with mortgage debt

Financial difficulties can affect anyone. When Tennessee residents feel that they are in a tough spot financially, they may wonder whether filing for bankruptcy is an option that they should seriously consider. In many cases, Chapter 7 bankruptcy could help qualifying individuals manage their debt and get back on track.

Tennessee residents may reconsider alternatives to bankruptcy

Many Tennessee residents who are facing considerable debt know that the burden can significantly affect everyday life. As a result, it is not unusual for individuals to seek ways in which they may be able to address their debt in hopes of getting back on track financially. However, some parties looking to avoid bankruptcy may find themselves considering settlement options that may not be entirely helpful. 

Tennessee residents may not lose everything under Chapter 7

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.

Alternatives to bankruptcy may not suit Tennessee residents

When Tennessee residents are consumed with debt, they may wish to explore their options for potentially discharging that debt. Many parties may want to look into alternatives to bankruptcy due to fear that their credit scores could be considerably damaged or that they could face other negative impacts. However, bankruptcy could be beneficial, especially when debt management plans may not be the best route.

Chapter 13 may help with foreclosure in Tennessee

No one wants to be at risk of losing their home. Unfortunately, some Tennessee residents may face foreclosure if they fall significantly behind on their mortgage payments. In these cases, individuals may wonder if there are any options to stop such action from taking place. Luckily, individuals who qualify may be able to file for Chapter 13 bankruptcy in order to protect their homes from foreclosure.

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Ben Sissman, Attorney at Law
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Memphis, TN 38103

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