Despite what you might think, the process doesn't have to be overly difficult. Some common misconceptions are:
As a young professional, you may find yourself facing a variety of financial challenges. While you can dig yourself out of some problems, there may come a point when you have no option but to consider bankruptcy.
Many people who file for bankruptcy do so because they can no longer manage their debt. With 80 percent of American households holding some form of debt, many people are "comfortable" with the concept of living in the red.
Americans have grown increasingly comfortable carrying personal debt. From high mortgages, car loans and credit card balances, many are walking a fine line between living a comfortable life and taking a financial tumble. One misstep, one serious illness, lost job or economic downturn and the debt-to-income ratio could fall, tragically, into the red.
For many, the subject of bankruptcy is shrouded in mystery, myth and misinformation. Examples include: People who file for bankruptcy are irresponsible. Bankruptcy forever ruins your credit. Bankruptcy absolves the debtor of all debt. None of those assertions are categorically true. And here is one more: You have to qualify for bankruptcy in order to file.
Filing for bankruptcy can be scary. However, it can actually be a good way to get back on your feet and start moving in the right direction. Although filing for bankruptcy will negatively affect your credit score temporarily, that doesn't mean there isn't anything you can do about it.
Most people, by the time they become seniors or reach retirement age, have an estate plan in place that dictates where they would like their property and assets to go when they die. Considered to be one of the most important legal documents a person can establish, estate plans also require extensive consideration to ensure the right distribution of inheritance to the right beneficiaries.
Getting behind on payments can make a lot of people feel like the weight of the world is on their shoulders. Matters only get worse when harassing phone calls from creditors start or when the threat of wage garnishment is upon you.
Bankruptcy in Tennessee has many saving graces. One of the biggest is that it can allow people to get a fresh financial start. Being able to put debt in the rear-view mirror can provide a huge sense of relief to people who have been struggling for some time to keep their heads above water. An experienced Memphis bankruptcy attorney can help you determine what kind of bankruptcy, if any, is a good choice for you.