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what bankruptcy can do Archives

Is it really impossible to get rid of student loans?

If you are currently thinking about filing for bankruptcy in Tennessee, you were probably disappointed to hear that you were still liable for student loans. However, according to Forbes, this is not always the case. Forbes is clear that a discharge of student loans during bankruptcy filings is rare, but it is nonetheless a possible outcome.

Rebuilding credit should be a focal point after bankruptcy

When people hear the word "bankruptcy," they often associate it with negative consequences. However, for many people, filing for bankruptcy can be the beginning of a fresh start and an opportunity to redevelop their financial foundation to prepare for a successful future. After the dust has settled and a person's bankruptcy is filed in Tennessee, their focal point should be on rebuilding their credit. 

More ways to finance a new business after bankruptcy

As previously discussed, there are ways for a Tennessee business owner to create a new business after going through bankruptcy, including starting a small business that does not require a lot of capital, or by seeking alternative means of financing. Even so, going bankrupt does not shut the door on going to traditional lenders to seek loans for your new business. There are some possibilities that a bank or a credit union might look past your bankruptcy and provide you with some financing.

Will bankruptcy help or hurt my future credit options?

If you are one of the many people in Tennessee who faces high levels of debt that you do not know how you will ever repay, the thought of filing for bankruptcy may well have crossed your mind. Before making the choice to pursue a bankruptcy, it is wise for you to understand what and bankruptcy may or may not be able to do for your financial future.

You can create a new business after bankruptcy

The major fear of many business owners in Tennessee is that after going bankrupt they may not be able to create a new business any time soon, if ever. However, this is not the case at all. It is true that having bankruptcy on your record is going to make it harder to raise money for a new business and that lenders may hesitate to loan you capital. Still, with the right moves, you can get yourself back in the business game sooner than you may think.

Why are old bankruptcy documents important?

When your bankruptcy is done, you are eager to move on. Many people never want to even look at their old bankruptcy paperwork. Even so, you should still preserve your bankruptcy documents and keep them in a safe location. There may be some occasions when you need to access your old bankruptcy paperwork. In fact, your documents may even help you with your financial future in Tennessee.

When you should not file for bankruptcy

You are probably not excited at the prospect of filing for bankruptcy. There are often some big changes you could face with this type of financial relief; it just happens to be one of the most advantageous strategies available for people suffering from massive debt. In fact, once you look at all of your options, you might decide that it is the best management option available either in or out of the Tennessee legal system.

Fight back against fear by filing for bankruptcy

Creditors in Tennessee can resort to bullying tactics in trying to collect on a debt that you owe once you fall behind on your bills. We at Jimmy E. McElroy & Associates understand the fear that clenches in your stomach when you hear the phone ring and know that it is another debt collector calling to harass you, as well as the paralyzing anxiety that prevents you from going to the mailbox only to find more letters and notices demanding that you pay money that you do not have. 

Ways to make a good case for yourself to lenders

Declaring bankruptcy is not the end of the world. Although it is a common fear among many people that financial lenders will now look at them as major financial risks as a result of bankruptcy, the fact that you have gone bankrupt will not shut the doors of every financial lender to you. You still have ways that you can present a good case for yourself at your local Tennessee bank or lender.

Press pause on foreclosure by filing for bankruptcy

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.

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