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Separating fact from fiction regarding consumer bankruptcy

If you are constantly struggling to pay the bills and feel as though you are drowning in debt, you might be wondering about available options for relief. Perhaps you have tried to restructure your finances on your own, but the amounts you owe are simply too heavy a burden.

When weighing the options for debt relief, you may have considered bankruptcy but had some reservations about the implications thereof. However, there are some myths about the process that may have previously deterred you from considering it a viable option.

Common myths in consumer bankruptcy

While you will probably want to give a fair amount of thought to such a major decision as bankruptcy, certain misconceptions about this form of debt relief could steer you away from a potentially correct choice. Some common myths about bankruptcy that could impact your decision to file may include the following:

  • Loss of all assets: Even in Chapter 7, which may call for liquidation of certain assets, you might still be able to retain possession of many of your personal assets, and speaking with an attorney to find out the facts will likely be more beneficial than assuming the worst.
  • Repaying debts is better: You might be under the impression that attempting to repay your debts is the best option, however, if you are constantly unable to keep up, and suffering a lesser quality of life in the process, bankruptcy could be a much healthier financial decision.
  • Bankruptcy equals failure: Debt can come in many forms, some of which are unexpected and/or unavoidable, and bankruptcy does not necessarily indicate a personal failure, but is often a necessary solution.
  • Financial future in shambles: While bankruptcy will have an impact on your credit, an inability to keep up with monthly payments could be worse, and you can even start rebuilding your credit shortly after completing the process.

Another common misconception surrounding the process concerns the type of debts discharged. Each type of bankruptcy handles debts differently and obtaining advice from someone with extensive knowledge of federal and Tennessee state bankruptcy laws is probably in your best interests.

Advice and assistance

Separating fact from fiction concerning bankruptcy could ease some of your worries and help you pursue a life without overwhelming debt. However, with so much involved in the process, it can be difficult to navigate alone, and seeking guidance on making the right choice for debt relief might be a crucial step to take.

By speaking with an attorney, you might be able to gain some valuable insight into the process. An attorney can examine your financial situation, advise you of the available options and help you find and navigate the correct path with which to seek a brighter financial future.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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