Many individuals in Tennessee and elsewhere have experienced prolonged periods of financial strain. Unfortunately, those in search of relief from similar issues may be hesitant to consider certain options, perhaps out of uncertainty of how their financial futures will be affected. By gaining a better understanding of the process of filing for Chapter 7 bankruptcy, a person could become better prepared to make informed decisions concerning his or her financial future.
One major concern for those considering bankruptcy pertains to how their assets and debts will be handled in the process. With Chapter 7 bankruptcy, many or most of a person's unsecured debts may be eligible for discharge. While this chapter also calls for the liquidation of certain assets, this doesn't necessarily mean a person will lose all his or her possessions after filing for bankruptcy.
A Chapter 7 bankruptcy will remain on a person's credit report for up to 10 years and will inherently have an impact on his or her credit score. While this may be a concern for many, those who are facing substantial monetary troubles may already be experiencing similar results. In some cases, a consumer bankruptcy could be the most viable outlet with which one can regain control over his or her financial future.
Prior to deciding on a path for relief, a person may find it advisable to speak with someone with experienced in such matters for guidance. A bankruptcy attorney can help a person gain a better understanding of each available option, including Chapter 7 bankruptcy. By thoroughly evaluating a client's financial situation, an attorney in Tennessee can provide assistance in pursuing relief from debts through the necessary outlets.
Source: experian.com, "What Is Chapter 7 Bankruptcy?", Carla Fried, Accessed on April 23, 2018