Making the decision to go through bankruptcy can be a difficult choice for many Tennessee residents. However, there are instances in which filing for Chapter 7 or Chapter 13 bankruptcy could be a wise option to consider. Bankruptcy may be able to help individuals take care of their debt while still holding on to some of their income.
Some individuals may have a considerable amount of debt that could take them a considerable amount of time to pay off on their own. Furthermore, some parties may have debts that exceed the value of their property and other assets. As a result, they may not be able to pay off their debts or even make their monthly payments. In such a case, Chapter 13 bankruptcy may prove helpful to a household.
Another instance in which bankruptcy could be helpful is in the event of an emergency, such as the loss of a job. When an individual does not have a source of income, accruing debt can happen quickly, and paying off that debt may seem impossible. Luckily, filing for bankruptcy may be beneficial for individuals who need assistance getting their finances back on track.
Overwhelming debt and considerable setbacks can lead Tennessee residents to wonder if they will ever be financially stable. However. they do have options that may help in such an endeavor, and looking into Chapter 13 bankruptcy may be prudent. By gaining more knowledge on the topic and consulting with a bankruptcy attorney, individuals may be able to see a brighter financial future.
Source: csmonitor.com, “Three times bankruptcy is the right decision“, Dan Rafter, Nov. 16, 2015