In Tennessee and throughout the country, many people who are in need of debt relief hesitate to reach out for additional support because of certain stigmas that still exist. There is often an unspoken assumption that someone who files for bankruptcy must be bad at managing money. In fact, this is often far from the case, especially considering that most out-of-control debt is sparked by medical expenses.
Millions of people suffer from chronic health conditions, which, in many cases, impedes their ability to work. The second most common cause of debt aside from medical bills is job loss. If a person is unemployed or has a health crisis, it is understandable that it might not take long for paying bills on time to become a significant challenge.
Options may be available for immediate and long-term support
Filing for bankruptcy does not necessarily equate to financial failure. It also does not suggest that someone who obtains debt relief will ruin his or her credit and never be financially stable again. These are myths that can be dispelled with a minimum amount of research. Many people can relate to unforeseen circumstances arising that cause debt that they are unprepared to meet. The good news is that most financial crises are temporary.
Determining which type of bankruptcy best fits a specific set of circumstances
Bankruptcy is not a one-size-fits-all fix for financial trouble. There are several programs available, each carrying its own set of eligibility requirements. It is helpful to speak with an experienced Tennessee bankruptcy law attorney to seek clarification regarding federal laws, as well as the application process and answers to questions about credit reports, which types of debt are dischargeable and more.