If you are one of the many residents in Tennessee who has struggled with high revolving credit card debt, you know the level of stress that can cause. You might be afraid to get your mail or email or to answer your phone due to fears that creditors are trying to get you to pay your bills that you are unable to pay. If you are thinking about bankruptcy as an alternative to help you get out from under this mound of debt, you may be then concerned about if you could ever get credit again.
Most may assume that a Chapter 7 bankruptcy is something only individuals seek. The common assumption may then be that when businesses in Tennessee file for bankruptcy, they instead choose to file under Chapter 11. There may be logic in this line of thinking; after all, a Chapter 11 bankruptcy allows a company to reorganize is management structure and present a new plan to its creditors that details its road back to success. Yet in those cases where a company's leadership may not have any plans to stay in business, then the potential of having some of the company's business debts discharged through a Chapter 7 filing might be more attractive.
The prevalence of consumer debt in America may prompt you to believe that you should avoid having credit cards altogether. Yet financial experts in Nashville do not typically discourage having credit cards (on the contrary, many actually recommend holding three or four for the credit benefits they offer alone). However, proper management is the key to enjoying the benefits that credit cards can provide. Yet there may come a time when funds are tight, and you may think that missing a monthly payment (with the intention of making it up the following month) is fine. This, however, prompts the question of what penalties a credit provider is allowed to assess for missed payments?
Any type of financial decision you make requires an informed thought process and careful discernment. Especially if you're considering filing for bankruptcy because things have gotten a bit out of hand. It is critical that you research what types of options are available and determine which seems most viable in your particular situation. Filing for bankruptcy is not the end of the world; in fact, many Tennessee residents have used it as a means to overcome serious financial problems and to lay the groundwork for restored financial stability in their future.
A significant portion of Nashville residents may presume that bankruptcy laws are misused. This likely comes from stories of celebrities or other people who are perceived to be "well to do" filing for bankruptcy yet continuing to enjoy seemingly lavish lifestyles. The truth, however, is that several regulations are in place to keep people who might be trying to use a personal bankruptcy for uses other than what it has been intended from doing so.
It might be easy for those in Nashville who are struggling with debt to think that the answer to their problems is to simply make more money. This no doubt comes from the perception that an abundance of income can easily overcome one's liabilities. Yet there are countless cases out there suggesting the contrary. People at all income levels may be subject to financial struggles, many of which are due to a plethora of circumstances. Some might be saddled with unexpected medical expenses; others might simply struggle in effectively managing their money. Then there are those who face a seemingly perfect storm of dire financial circumstances.
Many people consider bankruptcy an intimidating process. You may also hold this idea, and while it certainly is a complex legal process to go through, you do not have to feel so intimidated that you choose not to consider it a debt relief option. If you earn a steady income and face substantial debt, you could qualify for Chapter 13 bankruptcy.