Filing for bankruptcy is a scary proposition. One way to ease your concerns is to meet with a bankruptcy law attorney in Bristol, TN. By doing so, you can begin to understand that this is a second chance opportunity to make corrections to your finances.
Reasons to Consider Bankruptcy
For many people, job loss and medical bills are the two most common reasons for considering bankruptcy. In most cases, both circumstances have a shared role in what leads to a person losing their financial footing.
Because of health problems, you may find it difficult to perform on the job. As a result, you either have to quit or be terminated. Now, your source of income is lost just when the debt from medical treatments piles up.
Personal Qualifications for Bankruptcy
Before filing, it helps to understand the qualifications for bankruptcy. Two major forms of bankruptcy exist for individuals. If you cannot afford to pay your bills, Chapter 7 might be your best option.
With a steady source of income, you may qualify for Chapter 13 on secured debts such as personal loans, credit cards, and medical bills. A bankruptcy law attorney from Bristol, TN can explain how the law applies to your situation.
Qualifying Debts
Financial debts that qualify for Chapter 7 bankruptcy include lease or contract obligations and lawsuit judgments. Chapter 13 may wipe out debts after a divorce or retirement plan loans.
Discuss Bankruptcy Options with a Trusted Attorney
Come to Dean Greer & Associates, a leading bankruptcy firm in Bristol. Get more information at Deangreer.com on how their combined 60 years of legal experience can help your situation.
