Why bankruptcy is not the end of the world for you

On Behalf of | Feb 9, 2021 | Bankruptcy

Far too many Tennessee residents dread filing for bankruptcy as if doing so condemned them to a life of poverty and abject disgrace. It is just that sort of thinking that can leave consumers wrestling with unmanageable debt until the day they die.

Certainly, filing for bankruptcy should not be the first choice for debt resolution. If they act swiftly and proactively, indebted consumers may be able to fight their way out of the morass of debt with some creative solutions, including:

  • Downsizing their lifestyles
  • Selling major assets they own outright to pay down debts
  • Taking on second (or even third) jobs
  • Making acceptable arrangements with their creditors

But denying oneself the relief of a clean debt slate through Chapter 7 bankruptcy is pointless. You aren’t saving your credit rating, because if you are at the point of bankruptcy, your credit score is already suffering. Filing for bankruptcy can actually leave you better poised to rebuild your credit responsibly.

The stigma of bankruptcy is not what it once was

In past generations, filing for bankruptcy was often viewed as scandalous. But in today’s world fraught with economic chaos and uncertainty, most people understand that making a few financial missteps is understandable and quite forgivable, given the financial climate in which we live.

Review all your options for debt relief

If you are teetering on a fiscal precipice, seek the help you need to get back on solid financial footing. A Tennessee bankruptcy law attorney can provide advice and counsel as you resolve your debt crisis.