Chattanooga Consumer Bankruptcy Attorney
Our legal team understands the stress and anxiety associated with financial hardship. We also understand that myths and misinformation can cause some people to delay taking action. At the Tennessee law office of Mark T. Young & Associates, we provide comprehensive bankruptcy representation. We invite you to review a few of the more common myths and facts about Chapter 7 and Chapter 13 bankruptcy protection.
You can't discharge medical debt. While not all debts can be discharged, you can wipe away medical debt under Chapter 7.
You can choose to deal with only one type of debt. This is false. When you decide to file for Chapter 7 or Chapter 13, you must list all of your debts and assets. You must comply with a full disclosure of your financial situation.
The court will take all of your possessions. This is not necessarily true. Most individuals who file Chapter 7 are able to keep all of their household items, as well as their homes.
You will not be able to buy a home or car after filing for bankruptcy. While a bankruptcy remains on your record for 10 years, most car loans and home loans are available after you begin to rebuild your credit, often within on to three years.
You cannot get credit again. This is not true. For many people, after they file for Chapter 7 or Chapter 13, their credit scores improve. Creditors know that you cannot file again for bankruptcy after a set time limit, so they are apt to give credit.
If you are married, you must file with your spouse. Spouses do not have to file together. One can file separately, or you can file together.
You can only file once. Filing again for Chapter 7 is available after eight years. You are always eligible to file Chapter 13.
You are allowed to keep one credit card for emergencies. Unfortunately, no. When you file for bankruptcy, you must disclose all of your debts.
Call Us Today for a FREE Consultation
Our legal team is available to discuss your situation at 423-933-1606 or toll free at 888-376-0282. You may also send us an e-mail to schedule your free consultation with a qualified lawyer. We are conveniently located and offer handicap accessibility, as well as free parking.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.