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.
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.
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.
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.
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.
There are plenty of stories of people who filed for bankruptcy, only to bounce back later to greater success. For many, the process is an opportunity to gain insight into debt management strategies and plan for the future. In fact, some famous Tennessee figures are currently facing financial challenges.
One option you might have to stop electricity, gas and water companies from discontinuing your service is to file for bankruptcy. This could give you a type of protection that is similar in concept to the automatic stay: the part of bankruptcy that could have the power to stop creditors from harassing you.
The recent decision involving national toy retailer Toys 'R' Us which led to a widespread store closure has generated some interest in the media about the bankruptcy process. As an individual facing bankruptcy in Tennessee, this could lead to confusion and even misinformation.
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.