Things to Know Before Filing for Bankruptcy

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When there seems to be no other option in sight, you may end up filing for bankruptcy…  

The Impact of Bankruptcy

When an individual or couple files for bankruptcy, it doesn’t mean that all of their expenses will disappear (although filing for Chapter 7 bankruptcy will ideally allow them to resume their life with a blank slate). While some of the outstanding debt will be liquidated, certain loans cannot be written off and payments will still need to be made regularly. In addition to this, bankruptcy takes a major toll on one’s credit score. This makes it difficult to take out additional loans and may also have an impact on an individual’s future employment. While bankruptcy far from fixes everything, sometimes the involved compromises must be made in order to work towards living a debt free life. 

If you find yourself in a financial situation where you’re no longer able to pay off your debt, it’s important to begin the following: 

Organize Your Records

Be sure to gather all financial records that will exhibit where you stand when it comes to your debt and expenses. Once you gather your paperwork, begin doing research about legal professionals — ones who can help to make sure you’ve acquired all the financial records you’ll need.  

Research Professional Help 

A good lawyer will look at your financial situation and be able to determine the best option for you since every case is different. It’s important that an educated and well-respected lawyer help you make the decision on whether to file for Chapter 7 or Chapter 13 bankruptcy

When To Contact Atwood & McVay 

No one wants to file for bankruptcy, and we understand that. Since it is a last resort, be sure you’ve weighed all your options before deciding to do so. Filing for bankruptcy has serious implications, and the aftermath of it isn’t all smooth sailing and payment free. We encourage you to look at alternative options before declaring bankruptcy. If it’s the only thing left for you to do, we encourage you to contact us for the job, as Middle Tennessee’s experienced bankruptcy lawyers. 

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