In Tennessee, there are a number of debt relief options available. However, bankruptcy is one of the most official. This process uses the courts, so you would be safe from many of the less scrupulous organizations that may claim to help debtors.
If you are ready to take back control of your financial situation, then you may consider Chapter 13 bankruptcy as a way to pay back your debt while still retaining ownership of your assets. However, you should know that there are some general exceptions to the types of debt that Chapter 13 could handle.
Bankruptcy is designed to help you get your life back on track, and it may be able to help you focus on the highest-priority debts you owe. However, the U.S. Courts state that not all debt is eligible. This is one of the reasons why it is probably wise to do an individual analysis of your financial situation before you choose which type of bankruptcy to pursue.
One of the more common types of debts that leads people to bankruptcy is money owed to the government. This could be from traffic tickets or other DMV-related expenses, for example. They could also be for child support and spousal support, or else for criminal fines. However, these types are not usually eligible for discharge under bankruptcy.
Sometimes, people also become overwhelmed by their student loans. You would probably not be able to get relief for this type of liability under Chapter 13 or any other type of bankruptcy.
another important category is long term debt. You may have trouble discharging certain types of debts that would normally extend beyond the five-year repayment plan associated with most Chapter 13 filings.
Before you give up hope on Chapter 13, you should probably take a look at the total amount and type of money you owe to your creditors. These plans are typically useful and helping people focus on higher priority debt. For example, you could potentially devise a plan that allows you to focus on these non-dischargeable debts while still paying some money back to your other creditors, such as your credit card company. However, you should base any decisions you make on focused look at your own personal situation. This is not intended as legal advice. It is only meant to form a general background.