608 Mabry Hood Road, Suite 202 | Knoxville, Tennessee 37932
Pitfalls of bankruptcy you can avoid with help from an attorney
There are some pitfalls of bankruptcy that might catch you off guard if you’re not prepared, which is why your attorney is an important person to consult with before you decide to move forward. For one thing, you may find that the bankruptcy you expect isn’t exactly what you get, especially if you’ve moved states. Each state is different, so it’s vital that you work with a local attorney to make sure you know the exact laws in your state.
If you’re planning to get a bankruptcy to eliminate your mortgage or student loans, your attorney can explain why this isn’t the best plan. Besides the fact that discharging those debts is next to impossible, there may be better ways to reduce your debts without having to damage your credit.
Sometimes, taxes are what get you in deep trouble and debt, but that’s another area where bankruptcy won’t be much help. Just like with secured loans, taxes can be difficult to discharge in bankruptcy. It is possible, but your attorney may need to walk you through the steps, because certain kinds of tax debts won’t be able to be eliminated, no matter how old they are.
Of course, the other reason to consult with someone knowledgeable about the laws of the state is for an easier filing. If you decide to move forward with bankruptcy, you’ll want to be sure you’re entering the right kind. You wouldn’t want to choose Chapter 7 if 13 would suit you better. Working with the right team can help you make positive decisions to best affect your future.
Source: The Street, “9 Nasty Pitfalls of Chapter 7 Bankruptcy That You Should Know,” John Persinos, Nov. 23, 2015
Thank you. Your submission has been sent.
608 Mabry Hood Road, Suite 202
Knoxville, Tennessee 37932
William E. Maddox, Jr. LLC, Attorney at Law is located in Knoxville, TN and serves clients in and around Knoxville, Oak Ridge, Louisville and Anderson County.
Attorney Advertising. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. [ Site Map ]
Martindale-Hubbell and martindale.com are registered trademarks; AV, BV, AV Preeminent and BV Distinguished are registered certification marks; Lawyers.com and the Martindale-Hubbell Peer Review Rated Icon are service marks; and Martindale-Hubbell Peer Review Ratings are trademarks of MH Sub I, LLC, used under license. Other products and services may be trademarks or registered trademarks of their respective companies. Copyright © 2021 MH Sub I, LLC. All rights reserved.