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Discharge in bankruptcy: What does it mean?

Making the choice to file for bankruptcy can be complicated. You may feel embarrassed that your financial situation has reached this point, or you may not know what to expect once you file. It can be helpful to learn more about the bankruptcy process and what happens if you need to move forward with this process.

Chapter 7 bankruptcy is a popular option because it only takes a few months to complete. It is particularly beneficial for individuals who have a significant amount of unsecured debt, such as credit card balances and medical bills. During the Chapter 7 process, there will be a discharge of certain balances. This essentially releases you from liability for those balances permanently. Creditors will not be able to continue to contact you about these debts. 

Should you seek debt relief or file for bankruptcy?

If you find yourself struggling to pay your bills, you are not alone. Studies indicate that many Americans live from paycheck to paycheck because they have too much debt and not enough income to pay down their balances. Around one in three consumers in the United States actually have delinquent debt, and they may be looking for ways to deal with this debt effectively.

Some consider debt relief as a way to get rid of their overwhelming financial woes. Debt relief companies offer different types of programs that may allow you to secure lower payments that are more manageable or get rid of balances altogether. This is an attractive option for many, but consumer bankruptcy may actually be a better choice in some situations. Before you make choices that will affect your financial future, learn about all of the drawbacks and benefits to both bankruptcy and debt relief programs.

Signs that it might be time to consider seeking debt relief

While dealing with debt can be a stressful and intimidating process, taking on some level of debt could also be a part of life. Unfortunately, what might start out as a necessary financial endeavor could develop into a growing concern over time, potentially leaving you struggling just to get by.

Debts can come in various forms and can leave you suffering a lesser quality of life for extended periods. Although there are a variety of options to help you seek relief from similar trials, knowing how to tell when your situation turns from manageable to alarming could prove challenging at times.

Considering bankruptcy? Get the facts straight

Do you owe numerous creditors in Tennessee or elsewhere a lot of money? If so, you're definitely not alone in your current financial struggle. Many people throughout the country are facing similar economic troubles. Just as life is an ever-changing experience, you can say the same about finances. There's typically a continual ebb and flow, a fluctuation, where you may be standing on solid financial ground one minute and watching the train derail the next.

Careful budgeting can often help keep financial disaster at bay. Then again, you may experience an unexpected event that topples even the best-laid plans. Bankruptcy is a valuable financial tool that can bring about immediate debt relief and help lay the groundwork for a stronger financial future. There is a stigma attached to bankruptcy, however, as well as several myths that tend to circulate about it. This is why it's important to learn the facts before you determine a best course of action in your situation.

Understanding the influence debt could have on your future

Debt can come in a variety of forms, and dealing with the strain of financial hardships can be a stressful and harrowing process. If you experience similar challenges, you may be no stranger to the amount of stress overwhelming financial obligations can place on your life.

While dealing with the angst of debt can be troublesome enough as is, you might not be aware of how such issues could be affecting your future. Identifying the less apparent challenges of monetary strain could be vital to helping you prepare to take the necessary steps to protect your financial future.

No, filing for bankruptcy will not forever destroy your credit

If you are one of the many Tennessee residents who are struggling financially, your search for a solution has probably brought you here. You know a bit about bankruptcy, and you want to know more, but at the same time, numerous people have told you to avoid it at all costs as it will forever destroy your credit. So, you keep going back and forth as to whether it is something you should really look into.

There is some good news for you. Rebuilding your credit after a bankruptcy filing is possible. It takes time and hard work, but you can do it and come out the other side in a much better place -- economically speaking.

Making the difficult choice to file for bankruptcy

If you find yourself in a place where you are unable to pay your bills, you may feel overwhelmed and unsure of what to do next. Financial difficulty can arise from circumstances beyond your control, such as a medical emergency or a job loss. When you are in this position, you may not be able to find a way out without help or a way to deal with certain types of debt. 

Many Tennessee consumers choose to deal with their debt by filing for bankruptcy. This is not an easy choice to make, and it can be difficult to realize that you need help in order to improve your financial situation. Before you make any important decisions that may impact your future, it can be helpful to understand what this process entails and whether it is beneficial for your unique circumstances.

Sudden job loss can lead to various personal struggles

Job loss may not have been something that you ever thought about seriously. After all, you felt that you had a fairly secure job and may have even held it for several years. Unfortunately, like many people in Tennessee and across the country, you recently found yourself blindsided by layoffs and other events that suddenly left you without employment and income.

This time can certainly feel like a rollercoaster. You may feel emotionally distraught over this turn of events and wonder how you will move forward. You likely have bills, household needs and family obligations to handle, and without a steady stream of income, you may feel overwhelmed.

Why settling your credit card debt may not be the right choice

Owing a significant amount of credit card debt can be frustrating and overwhelming for a Tennessee consumer. It's stressful to know that you cannot make even a minimum payment or ever get ahead on what you owe. When you are also experiencing calls from debt collectors and facing things such as wage garnishment, you are probably going to be looking for a way out, fast.

Know what to expect from the bankruptcy process

Making the choice to file for bankruptcy is not easy. If you have arrived at this point, it is because you are facing difficult financial circumstances that are beyond your power to control. Whether you are facing credit card debt that you cannot pay or you had to deal with a medical emergency, you need help with your financial situation.

While filing for bankruptcy is not often a person's first choice, it is actually a practical and beneficial step for some Tennessee consumers. You have the choice of filing for Chapter 7 or Chapter 13 bankruptcy. If you have a significant amount of unsecured debt, Chapter 7 may be the most appropriate option. No matter which one is right for you, it can be helpful to learn more about what to expect from the process.

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

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