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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.

Knowing that hundreds of people filed for bankruptcy in May alone should show you just how common bankruptcy really is. Whether you run a small business or have trouble with your personal finances, bankruptcy can be there to help you get past this situation and to move on to a more secure financial future.

The goal of bankruptcy is to give you that fresh start that you need. You will have to file with the federal court, because the state court does not have jurisdiction.

When you file, you'll be asked to take steps to resolve your debts. In a Chapter 7 bankruptcy case, that may mean liquidating some of your assets. In a Chapter 13 case, it could mean establishing a repayment plan to pay back what you owe. If you have a business and plan to go through a Chapter 11 bankruptcy, it will come with the aim to restructure your business's finances.

Not all bankruptcies are the same, and it is a good idea to learn about the different types before you decide which one you want to use. Our website has more information about bankruptcy and how it can be used to get you into a better position financially. Debt doesn't have to control your life; there are ways to move forward.

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