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Chapter 7 may help Tennessee residents get back on track

On Behalf of | Sep 12, 2014 | Chapter 7, Firm News

Realizing that a stressful financial situation has come about can be difficult for Tennessee residents. Debt can accumulate at an unexpectedly rapid pace, especially if parties rely on credit cards. As a result, individuals may find themselves looking into Chapter 7 bankruptcy for relief and wondering how they managed to get into this burdening dilemma.

For individuals who feel that they need credit cards, it is important that they understand that they are not alone. Many people believe that using credit cards can help them maintain a lifestyle that they would not be able to live if they had to rely on cash. As a result, many parties are also harboring a considerable amount of personal debt. This debt can cause serious issues and seem almost impossible to pay off.

If a person does feel that a credit card is a helpful tool in their life, it is important that they use it responsibly. This could mean ensuring that balances are paid in full each month and that multiple cards are not opened if a previously opened one is not under control. While avoiding credit entirely can have negative effects, being consumed by debt can lead to considerable stress and other problems.

Should people feel that they are under a crushing debt burden, exploring management options may help alleviate some of the stress of the situation. Chapter 7 bankruptcy may be able to help parties dissolve some of the debt by liquidating certain assets. By better understanding the options, Tennessee residents who are facing financial difficulties may be able to help themselves make sound decisions to get back on track.

Source: The Fiscal Times, “The Credit Card Crutch That Keeps You in Debt“, Marine Cole, Sept. 9, 2014