People in Tennessee often hold off filing for bankruptcy on the basis of a mistaken idea that doing so causes you to lose everything you own. We at Jimmy McElroy & Associates assure you that not only is this not true, but filing for bankruptcy can actually allow you to keep your home by pausing the foreclosure process.
You might find it strange to say that bankruptcy can be good for your health. If bankruptcy places such a stigma on the person filing for it, why would it be good for your health? The answer is because many Tennessee residents who fear going bankrupt will do anything to make payments on their debt, including diverting money from buying food and medicine. However, doing so may only delay your inevitable need to file bankruptcy and also damage your health in the process.
Chapter 13 bankruptcy could be a powerful tool to restructure and limit the long-term impact of your debts. It could, in many cases, reduce financial risks, namely by limiting your creditors' rights to repossess the property you have offered them as collateral. Even though most Tennessee Chapter 13 bankruptcies proceed without incident, some debtors encounter problems keeping up with payments.
Chapter 7 is a form of bankruptcy that would involve liquidating your assets in order to obtain debt forgiveness. If you could qualify for it, and if you were under significant financial strain, it could be worth your time to look at the long-term results of choosing this strategy.
If you are a Tennessee resident facing overwhelming debt, you probably feel like you are being harassed to death by constant phone calls from all your creditors insisting that you pay their debts immediately. However, the Fair Debt Collection Practices Act forbids your third-party creditors from harassing you.