William E. Maddox Jr., L.L.C. - Knoxville Bankruptcy Attorney

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When is the right time to file for bankruptcy?

In a tough spot financially? If you are, you are not alone. Right now, numerous Tennessee residents are in the same position, and they, like you, just want to figure a way out of it. While there are various debt relief programs out there, the one thing a lot of people want to know is: when is the right time to file for bankruptcy?

Bankruptcy is often thought of as extreme, and something that should only be considered as a last resort. While, of course, it is okay to try other methods of reducing one’s debt before seeking bankruptcy protection, not all debt relief options are created equal. Some can even do more harm than good. That is why for some people it is better to bite the bullet and file for bankruptcy before things get worse.

There are two types of personal bankruptcy with which many Tennessee residents may be familiar: Chapters 7 and 13. Most people end up qualifying for Chapter 7 relief, which can result in the discharge of most debts. There are, however, those whose income level may disqualify them from immediate debt discharge and instead require they pay back their creditors, at least partially, with a Chapter 13 repayment plan.

If you aren’t sure if you’ve reached the point where bankruptcy is appropriate, and are even less sure which type of bankruptcy you may qualify for, know that this is not something you have to figure out on your own. You have every right to seek help determining the best course of action for your specific needs. To learn more about your bankruptcy options and how legal counsel can assist you with filing or pursuing other debt-relief options, please take a moment and visit our firm’s website.

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