As a Tennessee resident looking to give yourself a clean financial slate through filing for bankruptcy, you may be studying up on the process, and some of the information about what bankruptcy can do and what it entails may surprise you. You may, for example, not have realized that you will need to undergo credit counseling before you can move forward with your bankruptcy filing, and you may have questions about how to do so. At McElroy & Associates, we recognize that all bankruptcy filers must complete credit counseling before they can discharge any debts, and we have helped many people facing similar circumstances get their ducks in a row ahead of filing.
You might not think about bankruptcy as something you have to qualify for, but that is how it works in most cases. At Jimmy E. McElroy & Associates, we find that most people in Tennessee simply are not prepared for how exclusive the process is, especially when it comes to Chapter 7.
In the wake of a Tennessee bankruptcy filing, chances are, you are working hard to get your finances straightened out so that you can get the fresh start you desire. While filing for bankruptcy is often the first step in the process of rebuilding your financial situation, there are also steps you will need to take after your bankruptcy filing if you wish to get your affairs back in order. At McElroy & Associates, we recognize the critical nature of rebuilding your credit after bankruptcy, and we have helped many clients facing similar circumstances accomplish this and related objectives after a bankruptcy filing.
When you realize that your finances have spiraled out of control, you may consider filing for bankruptcy in Tennessee. There are many different types of bankruptcy and as you begin looking into your options, it is important to understand the basic information so you know which kind will be best for your specific situation. You may want to start your search by learning about chapter 7.
As a Tennessee resident who is grappling with increasingly overwhelming medical, credit card or other debt, you may be weighing your options and trying to determine whether filing for bankruptcy could potentially give you the fresh start you desire. You may, too, recognize the terms “Chapter 7” and “Chapter 13,” but you may not fully understand the distinctions between the two main types of consumer bankruptcies or know which type may be more appropriate for your circumstances.
If you decide that filing bankruptcy in Tennessee is the only option to your personal financial troubles, then you will next have to decide which type of bankruptcy to file. Your options are Chapter 7 and Chapter 13. Each offers distinct advantages and disadvantages, so you have to think about your personal situation when making the choice.
As someone who is currently navigating your way through a Tennessee bankruptcy case, you are probably trying to find out as much as possible about how your filing will affect your life, and how it will help you regain control of your finances. It is also important, however, that you determine how filing for bankruptcy will impact your taxes. At McElroy & Associates, we recognize that filing for bankruptcy will affect how you file your taxes, and we have helped many clients facing this and related issues find solutions that meet their needs.
If you are having trouble paying your debts in Tennessee and have falling behind in payments, your creditors will aggressively approach you to try to get you to pay. At this point, you may be thinking of filing bankruptcy, but you may have another option. You can try to negotiate a settlement with your creditors.
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 who has filed for bankruptcy, you may be working to rebuild your credit in the aftermath of your filing. While, initially, you may find that you have a harder time obtaining credit, you can typically slowly build it back up by paying higher interest rates than you might, had you not filed for bankruptcy. Building your credit back up is an important and necessary step, however, if you wish to obtain any new loans moving forward, and there are certain steps you can take that may streamline the process.