Debt can become an overwhelming burden. At first, a little bit of debt does not seem like too big of a problem. In fact, debt is often necessary when the Tennessee resident decides to purchase a home or a car. However, sometimes circumstances change, and debt that was not a problem to repay suddenly becomes a serious concern. When this happens, Chapter 7 bankruptcy may be the answer.
In today’s economy, an individual’s financial picture can change with little notice. One day the individual is earning enough to more than cover his or her debt obligations. Then, something happens and either the income is no longer there or other bills and debt obligations suddenly appear. This could be the result of the loss of a job, illness, divorce or a number of other reasons. The end result can still be the same — collection calls and the inability to meet all of these debt obligations.
Taking those first steps to financial freedom is often the most difficult. The first thing that the individual will want to do is contact an experienced attorney. As a part of the bankruptcy petition process, the individual will participate in credit counseling. Once this takes place, the attorney can then file the necessary paperwork, a trustee can be appointed, a meeting with creditors can be established and the individual’s eligibility can be determined. As a part of the process, nonexempt property will be identified and secured debts that the individual wishes to keep will need to be reaffirmed, if possible.
Many times, the Tennessee resident is overwhelmed and doesn’t even know how to begin to address his or her financial problems. However, by not taking action, the financial problems and stress will just continue to multiply. Chapter 7 bankruptcy may be the solution that the individual is looking for.