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Times are tough for millions of Americans. With unemployment still high and fuel costs on the rise, a lot of good people are turning to bankruptcy to regain control of their finances.
If you're facing bankruptcy, contact Lemeh & Associates PLLC. We understand how difficult bankruptcy can be, which is why we offer top legal services with a personal touch. Contact us today at (901) 672-7345 to learn more.
Four Important Questions to Ask When Filing for Bankruptcy
If you've reached the end of your financial rope, you're probably seriously considering filing for bankruptcy. Before you make this big decision, however, it's essential that you know whether or not it's the best solution. Here are a few important questions to ask before you file for bankruptcy:
1. Is filing for bankruptcy the right choice for me?
Most experts agree that bankruptcy should be your last resort since it's a major financial decision that'll affect your credit report for the next 10 years. If you can, you should first try to negotiate with debtors, consolidate your debts or sell your house.
2. Which bankruptcy option should I take?
Most people don't realize that there are six bankruptcy options, of which Chapters 7 and 13 are the most common. If you have a lot of debt and no income, Chapter 7 can give you a clean slate whereas Chapter 13 allows you to create a three-five year repayment plan. If you own a business, Chapter 11 might also be a good option. Talk with your bankruptcy attorney for more information.
3. Will filing for bankruptcy get rid of all my debts?
Before filing for bankruptcy, it's important that you take a close look at all of your debts. If you have mostly credit card debts, bankruptcy can be an enormous help. However, bankruptcy will not discharge your student loans, alimony or child support obligations.
4. Will I be able to borrow again?
Though filing for bankruptcy will hurt your credit score, it is possible to successfully apply for credit cards or loans; unfortunately, you'll likely receive high interest rates. Once you begin to rebuild your credit and show that you can be a reliable borrower, you'll start to see favorable credit card offers again.
If you're strongly considering filing for bankruptcy in the Nashville area, contact Lemeh & Associates PLLC. With a focus on Chapter 7 and Chapter 13 bankruptcy, we specialize in helping people like you navigate the difficult bankruptcy process. Call us today at (901) 672-7345 for more information.
To read more about saving your house from foreclosure through Chapter 7 and Chapter 13 bankruptcy, check out the following articles. If you are looking to file for bankruptcy in Nashville, then contact the experienced bankruptcy lawyers at Lemeh & Associates PLLC at (901) 672-7345.
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