Jimmy E. McElroy & Associates
Dedicated to Helping People in Financial Distress
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June 2018 Archives

Dispelling common bankruptcy myths

If you, like many residents of Tennessee, are finding it increasingly difficult to stay on top of your finances, you may be seeking solutions that could potentially help you get your life back on track. Bankruptcy, for example, is one method many people consider when they seek a fresh financial start, but there is a lot of misinformation out there about it that can prevent some people from taking the first step. At McElroy & Associates, we recognize that there is a lot of common misconceptions out there about the bankruptcy process, and we have helped many clients separate fact from fiction and find solutions that meet their needs.

How long does Chapter 13 give you to pay debts?

You probably have several options in Tennessee for debt relief, but few have the potential to be as generous as Chapter 13 bankruptcy. Part of the advantage is the relatively long timeframe in which you would be able to address your financial liabilities.

Does bankruptcy really stop bill collectors?

If you are not familiar with bankruptcy, there are probably many small frustrations associated with the process that you do not know about. For example, you may not realize the extent to which Tennessee courts deliberate on their decisions, slowing down the relief of debts. 

What is the bankruptcy means test?

If you, like many others across Tennessee, are facing overwhelming debt, you may be weighing your options in an effort to figure out what might help you get back on your feet. In some cases, you may find that filing for bankruptcy may help you rebuild your finances and regain control over your life in the shortest amount of time, but you may not know much about the process, or what it entails. Nowadays, the majority of personal bankruptcies involve Chapter 7 filings, but only those who pass what is known as the bankruptcy means test can file through this method.

*We are a debt relief agency.
We help people file for bankruptcy relief under the Bankruptcy Code.