It probably started small, with student loans and a low balance credit card. You finished school with substantial student loan debt and found yourself needing credit cards to pay your monthly expenses while looking for a job. Now, although you have a job, you are only making your minimum monthly payments and the balance keeps climbing. A large amount of your income is going straight to your debt, and you can't keep up with it. In this kind of situation, one accident or sudden illness could be enough to completely destroy your financial security and independence.
Medical debt can often become a major burden for uninsured or underinsured people in Tennessee. You may try to do the right thing by prioritizing certain debts, but now your creditors are calling you. In addition to emails and nasty letters sent warning you of potential lawsuits if you don't pay more, your family could be getting calls as well. Creditors may even try to contact you at work, which could cause issues with your employer (and your ability to pay for your debts). If you can't pay off your debt and are facing creditor harassment, bankruptcy may help.
Bankruptcy is a solution to high levels of personal debt
You may not relish the idea of going through the bankruptcy process, but it may be the only workable solution for your debt issues. The higher your monthly payments and total debt load, the less likely you are to ever pay them off in full. After a while, even making monthly minimum payments may be impossible. The harassment that follows can be exhausting and socially isolating. You shouldn't have to worry about every phone call and letter you receive. Filing for bankruptcy provides immediate relief for collection activity on many of your debts.
Regardless of whether you file for Chapter 13 or Chapter 7 bankruptcy, creditors must cease calling and contacting you once you file. This is called a "stay." Even if a creditor was trying to sue you or garnishing your wages, the automatic stay associated with bankruptcy will put a temporary halt to those efforts. If you're trying your best but you can't get out of debt, bankruptcy can offer you either debt forgiveness or a structured repayment schedule to make things simpler for you financially.
Tennessee is currently at a 10-year low in terms of how many people are filing bankruptcy. Sadly, Tennessee still leads the nation in terms of how many people require bankruptcy relief. If you are one of these people, you shouldn't feel ashamed. You should take action.
An attorney can help you navigate bankruptcy
The bankruptcy process can be complex. Do you qualify for Chapter 7 bankruptcy, or do you need to arrange for a Chapter 13 filing? What assets will be protected when you file? An experienced bankruptcy lawyer can help you make the best decisions for your bankruptcy and guide you through what can be a stressful and bureaucratic process. Don't let your creditors control your life. It's time to get out from under that debt.