When is bankruptcy the smart choice for you?

When you are up to your arm pits in alligators, it’s hard to stay focused on building a bridge. Debt is like that. When facing financial difficulties, seeing a clear, brighter future can seem impossible. 

If you find yourself in a position where you are dealing with substantial debt and bills you cannot pay, you may feel overwhelmed and unsure of what to do next. You may know that some Tennessee consumers find relief in filing for bankruptcy, but how can you know if this is the right choice for you? 

The decision to file for bankruptcy is not an easy one to make. This is a choice that can have a significant impact on your life, and you will want to be certain that it’s the right path for your financial future. There are various things to consider before moving forward with bankruptcy, and it can help to learn more about this process and what it could mean for your specific financial situation.

What’s first?

There are two main types of consumer bankruptcy: Chapter 7 and Chapter 13. It is smart to take the time to learn about eligibility requirements for them and which one is optimal for your situation. This is a basic explanation of the differences between these options: 

  • Chapter 7 – This process takes three to six months to complete, and it may require the liquidation of some personal property.
  • Chapter 13 – This process takes more time to complete, and applicants will pay off debts according to a repayment plan over the course of three to five years.

There are strict eligibility requirements for filing for Chapter 7 bankruptcy. If you do not qualify for Chapter 7, you could be eligible for Chapter 13. After this, it is then prudent to take the time to decide if this is the right choice for you. Bankruptcy is a serious decision, and it is not one to take lightly. In specific circumstances, it is the right way for a person to deal with certain types of debt once and for all and move forward to a stronger, better financial future.

Discover your options 

You will find significant benefit in working with an experienced attorney regarding your bankruptcy filing. To begin with, you will find it helpful to seek an evaluation of your case to better understand the options available to you. This will allow you to see which chapter best suits your financial situation and how to know if you qualify. The bankruptcy process can be lengthy and complicated, but you do not have to walk through it alone.

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