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June 2020 Archives

A hardship discharge could help with your Chapter 13 concerns

If you are considering a Chapter 13 bankruptcy, something you might also be worried about is not being able to make your monthly payments on time for the length of the bankruptcy. This is something that you should discuss with your attorney because there is a possibility of a Chapter 13 hardship discharge if you're unable to complete the program in some cases.

Is it time to consider bankruptcy?

In the United States, bankruptcy is designed to help those who cannot pay their debts. It helps them start fresh, either through liquidating their assets or by creating a repayment plan that allows them to pay what they owe over time.

A Chapter 7 bankruptcy can give you a fresh start

Whether it is because the economy is depressed or because you've lost your job, dealing with financial insecurity is frustrating and can have a serious effect on your life. You may have creditors and collections agencies calling at all hours. You may be worried about making ends meet and missing pay dates on important bills.

Is bankruptcy common? Is it going to be right for me?

Going into bankruptcy can be a tough decision, even if you've been struggling with debt for a while. According to the U.S. Bankruptcy Court in the Eastern District of Tennessee, Chattanooga, Greenville and Knoxville had a total of 594 bankruptcy filings in May, 2020.

Understand the toll high levels of debt can have on your life

Debt can come in a variety of forms and fashions, and dealing with the trials of financial strain can be a stressful and daunting process. Even if you never plan on allowing monetary obligations to grow to unmanageable levels, it might not always be something you can control, and it can happen in the blink of an eye.