It's rare that a Tennessee consumer would be enthusiastic about filing for bankruptcy, but when facing enormous financial challenges, it is often the only way out of debt. Although many consumers are embarrassed to talk about their bankruptcy with others, it's not the end of the world. In fact, many people buy cars, open new lines of credit and even purchase houses a few years after filing for Chapter 13 bankruptcy. Although it won't happen overnight, it could happen sooner than one might think by getting back to basics.
It can be easy for Tennessee residents to get discouraged after filing for Chapter 13 bankruptcy. Unlike a Chapter 7 bankruptcy, in which debts are wiped, Chapter 13 bankruptcy requires payment plans based on the filer's income. This may make applying for a new credit a challenge, since many credit card companies may shy away from applicants with a history of late payments and defaults.
Many Tennessee residents have faced financial hardships and have had to make some difficult decisions because of them. Filing for bankruptcy is something that should not be taken lightly, but many people have gone down that path in order to make a fresh start on their credit without considering all factors. Even after filing for Chapter 13 bankruptcy, some homeowners have had to make decisions about whether or not to keep their homes. They may become unable to keep paying on the mortgage and walk away from the home. Is this possible?