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Bankruptcy may bring relief to Tennessee residents facing debt

Tennessee residents who decide to take the steps to get a handle on their debt should feel relieved and emboldened by their decision. Unfortunately, individuals who decide to move forward with bankruptcy may often feel as if they are being judged or looked down upon for needing debt relief assistance. However, bankruptcy is a viable option for many parties that could allow them to make a fresh financial start.

One individual recently stated that she felt as if her friend was judging her after going through bankruptcy. The person had accumulated $90,000 in debt and was unable to make more than the minimum payments on balances. As a result, bankruptcy seemed like a relief. Despite the friend's judgment, the individual did not feel ashamed of the decision to file bankruptcy because the financial situation improved afterward. 

Bankruptcy can be a valuable route for individuals facing overwhelming debt. If parties are afraid of what others may think if they decide to seek debt management assistance, they may wish to remember that the decision is one that they do not have to share. Though negative opinions may be unavoidable in some cases, parties may do well to understand that even successful individuals can face serious debt issues. 

Filing for bankruptcy should not be looked at as an act of shame but rather as an avenue for relief. By filing for Chapter 7 or Chapter 13 bankruptcy, qualified individuals may be able to find themselves on their way to a more manageable and less-stressful financial situation. Interested Tennessee residents may want to utilize local legal resources to obtain more information.

Source: Slate, "My Friend Keeps Shaming Me Over My Bankruptcy. Not Cool, Right?", Helaine Olen, March 2, 2016

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