If your finances have reached the crisis point and you just don’t know how you can ever pay the bills off, you might want to consider talking to a Nashville bankruptcy attorney about the possibility of filing for bankruptcy relief. Bankruptcy can often be very misunderstood, because some people may imagine that it requires you to relinquish all your possessions, or it requires you to live in poverty so that creditors can be paid off. Thus, many people may avoid considering bankruptcy because the reality of it is not well understood. In actuality, bankruptcy can be an enormous relief that makes the filer’s life much better, both immediately and in the long term.
Bankruptcy is an option for people who simply got in over their heads financially, people who just can’t keep up with the bills and don’t have any real hope of catching up, thanks to those ever increasing finance charges and late payment penalties. Many people find themselves in this situation and it is nothing to be ashamed of. Often, those excessive bills occurred because of a genuinely desperate financial need at the time. Fortunately, bankruptcy allows you to recover from that difficult financial period without crippling the rest of your life.
Your Nashville bankruptcy attorney can help you to determine if you qualify to file for bankruptcy. In most cases, if you owe money to creditors and you make under the amount specified on the Tennessee Means Test (this varies depending upon how many people live in your household), you are able to file for bankruptcy relief in Tennessee. In some cases you may still be able to qualify to file bankruptcy even if you make more than the means test specifies. Just ask your attorney if he or she can help you qualify based upon your individual circumstances.
When you file for bankruptcy, you will need to provide your attorney with as much detailed information as you can. This would include records of all the bills you owe (the most current statements available) and a list of any bills that you don’t have recent records for. You will want to include all your outstanding debts in the bankruptcy so that you can get a truly fresh start on your debt free life.
