Financial stress can be both physically and mentally devastating. The unending worry can lead to sleepless nights, difficulty focusing and more. Yet, many Tennessee residents find themselves facing overwhelming financial stress all too often. In some cases, Chapter 7 bankruptcy is the solution that they have been looking for.
Chapter 7 bankruptcy offers the individual the opportunity to discharge debts. In many instances, unsecured debts such as credit cards, medical bills and other such loans can be discharged. While some assets may be sold to help pay off these debts, assets such as the individual’s home, car and computer can be exempted, depending upon exemptions applicable per state law. It is possible that these items, if exempted, will not be affected by the bankruptcy and the individual may be able to retain them as long as any mortgage or other loan attached to the item is paid.
Some individuals are concerned that filing bankruptcy will have a negative impact upon their lives. While such action will remain on their credit report for 10 years, it does offer them the opportunity for a fresh start. Once the individual gets to the point of filing for bankruptcy, his or her credit report has most likely already suffered. Filing bankruptcy can be the first step in starting over and rebuilding one’s financial life.
One’s financial picture can quickly turn bleak. Once this happens, worry sets in and collection calls begin, it is time to focus on a solution to the problem. Experienced legal counsel can review the situation and determine if filing for Chapter 7 bankruptcy is in the Tennessee resident’s best interest.