If you are one of the many people in Tennessee who is considering filing for bankruptcy, you may be concerned about the impact this may have on your credit and your future. Your concerns are valid and it is important for you to understand the long-term implications of bankruptcy. Chapter 13 bankruptcy can give you a fresh start but you have to be careful and take the right steps to take full advantage of this.
If you are struggling with overwhelming debt in Nashville, whether you are a man or woman may not really matter when you look at the big picture. However, there may be some fundamental differences in the way that each gender approaches money and debt that can give some insight into the problem and possibly help curb future problems, particularly if you are in a relationship and share finances with a spouse or partner.
There are a lot of indignities that people in Nashville with insurmountable debt may face. Being contacted by a collection agency for a debt you cannot pay is bad enough. But when debt collectors resort to using sneaky or offensive tactics to try to get to you to pay, it can be extremely disheartening. At Rothschild & Ausbrooks, PLLC, we understand the stresses associated with being in debt and are strongly invested in protecting our clients’ rights.
To those looking in from the outside, it may seem like only people in Nashville who are poor or have very low incomes would be plagued by debt and considering filing for bankruptcy. However, overwhelming financial struggles are increasingly becoming the bane of those who are considered middle-class.
Types of bankruptcy are usually referred to by chapter number. A bankruptcy's chapter refers to the part of the federal bankruptcy code an individual uses to restructure his or her debts and assets. There are several types of federal bankruptcy that people can choose from. A Tennessee bankruptcy attorney can help explain the differences and help individual clients determine which type is right for their needs.
If you have reviewed your debt relief options and have decided that you want to repay as much debt as you can and keep your assets, then Chapter 13 is likely going to be your best option. This plan gives people the tools they need to reorganize debt and establish a plan with creditors to repay some or all debt over time.
When it comes to bankruptcy filing, some people may have a preference for one type of bankruptcy over another. Those who are considering filing for bankruptcy may also be more likely to file for Chapter 7 than Chapter 13 depending on whether they live, or vice versa.