We spend years gathering things-the car given by parents on graduation day, the china dinnerware you got on your wedding and the vintage ring your grandmother gave you. Many Tennessee residents may lug their prized possessions around from city to city as they move around for various reasons. This is why the idea of filing for bankruptcy may be daunting-as mentioned in last week’s post, many are under the impression all assets must be given up in a bankruptcy filing. But this is not the case.
There are many things that a filer may be able to keep, known as exemptions. Last week’s blog listed a number of assets, including appliances, tools of the trade, and jewelry and vehicles under a certain amount. Depending on the type of bankruptcy you opt to file for, the exemptions vary. But the end result is the same-not everything is lost in the process of bankruptcy. And an even better end result is the freedom from crippling or overwhelming debt and anxiety.
Lawyers at our firm understand that people end up facing financial difficulty for a number of reasons, including sudden loss of job or an unexpected illness. With expenses adding up over time, it is easy to become disheartened and fall behind on payments, including important utility and mortgage bills. Without any relief in sight, the situation can be depressing. Bankruptcy can offer debtors with the relief they need.
We go through our client’s individual situation, because no two people have the same situation. We help clients figure out what works for them and guide them through the bankruptcy process so they can restart their financial life. For more on bankruptcy, visit our page.