Money is a major stressor for many Tennessee residents. They work hard and do everything they can to stay afloat, but they are often left feeling like it is never enough. If you are among those whose financial situation is out of control right now, there are things you can do today to start gaining control once again.
Most people who are looking into debt relief options have already tried adhering to a strict budget. Some have gone a step further and turned to family or friends for assistance or have taken out payday or other types of loans hoping to better their situations — among various other things. Unfortunately, they have found themselves still struggling, if not in worse shape than they were months prior.
Review your current financial status
If you want to gain control of your debt situation, there are things you can do today and in the coming weeks to do just that. You can start by taking a means test. There are no wrong answers here; this test is all about comparing your yearly income to the state’s median income level. If you find yours is lower, you may file for Chapter 7 bankruptcy which could result in the complete discharge of qualifying debts.
If you find your income is higher than the state’s median, dig into your finances a little deeper and document where every penny you earn is going. Individuals whose disposable income is severely limited despite having income levels higher than the state’s current average may still qualify for Chapter 7 relief. If your disposable income is deemed high enough to pay your debts, at least to some degree, Chapter 13 relief may help you successfully address the situation by allowing you to pay creditors on a schedule and in the amount that works for your specific circumstances.
Bankruptcy is a good option for many Tennessee residents who need debt relief, but it isn’t for everyone. If you have questions about it or want to know if there are any other ways to , an experienced bankruptcy law attorney may be able to answer your questions and offer guidance. To learn more about bankruptcy and how legal counsel can be of assistance to you, please take a moment and visit our firm’s website.