Are you toying with the idea of bankruptcy?

Many Tennessee residents have an attitude toward challenges in life that make them want to push through on their own and get to the other side of the issue without asking for help. While this may be a plausible approach to some situations, if you are facing serious financial problems like considerable debt, reaching out for help may be a better solution. 

For some individuals, filing for bankruptcy may be a viable option to pursue. For some time, you may have balked at the idea of moving forward with bankruptcy. After all, many people make this debt relief option sound as if it will ruin your financial affairs for the rest of your life. Fortunately, that is not typically the case. 

Assess your current situation 

You may be toying with the idea of bankruptcy, but first, you want to know whether you could face your debt through other means. While other options do exist, the possibility of those options truly helping your situation will depend on your specific circumstances. For example, you may think that you could get a hold of your debt by paying more than the minimum owed each month. While this is certainly an option to consider, you may want to think about other details as well, such as: 

  • Whether interest rates are causing your balance to increase at a rate that is too fast for you to catch up 
  • Whether you have accrued late fees that have also caused your balance to continually grow 
  • Whether you have the available funds to put more toward your outstanding balance than just the minimum 

In some cases, despite a person’s best efforts to catch up, the fees, interests and penalties can keep paying off the balance out of reach. 

How could bankruptcy help? 

Far too often, outside parties discuss the negative aspects of bankruptcy rather than the positives. However, bankruptcy can have a number of benefits for individuals who pursue this option and see it through to the end. Some of the benefits include: 

  • Stopping collection calls 
  • Gaining the ability to start rebuilding your credit score and creditworthiness 
  • Obtaining the discharge of qualifying outstanding debts 

There are times when asking for help and taking drastic measures to address an overwhelming situation are necessary. If you are struggling to handle your debt obligations and believe that bankruptcy may be a viable option for you, gaining more information suited to your particular circumstances may prove useful. 

Archives

FindLaw Network

Begin a free consultation:

our office location:

Richard Banks & Associates, P.C.

393 Broad Street Northwest
Cleveland, TN 37311
Toll Free: 866-596-8527
Phone: 423-244-0009
Fax: 423-478-1175

Image
Image