Fear often prevents one from taking action. Yet, by not taking action, the problem remains and the fear and stress associated with it continues to build. The fear associated with filing for Chapter 7 bankruptcy often causes the Tennessee resident to continue sinking deeper in debt rather than taking a step forward and beginning the process of rebuilding one’s financial future.
Many individuals are afraid of what will happen if they file bankruptcy. They are afraid that their credit score will plummet and that everyone will know that they have filed. The simple fact is that once an individual gets to the point of needing to file for bankruptcy, his or her credit score has already dropped, and it will continue to drop unless something drastic occurs. The chances of being unable to pay for a cup of coffee with a credit card is much more likely than the chances that someone will discover that the individual has filed.
Other individuals are concerned that the bankruptcy will remain on their credit report. It does show on the report for a period of time. However, this action also shows that the individual has recognized the problem and is taking action to resolve it. The individual is now able to begin the process of rebuilding credit. This can be done by using and paying off a secured credit loan or secured credit card. Additionally, the Tennessee resident will want to periodically review his or her credit report to make sure that these positive moves have been noted.
Once the need for Chapter 7 bankruptcy becomes evident, there is little to fear from going ahead and taking the necessary steps. It is time to stop the downward spiral and begin the rebuilding process. Experienced legal counsel can help make this happen.