5 Reasons You Should Avoid Bankruptcy Germantown TN

When people get into financial trouble, they generally look for the least destructive option that they can find to help them get back on track. This is quite obvious, and it's no wonder that so many people put bankruptcy off until the last second. Here are some of the most common reasons that people should avoid bankruptcy.

William Willis Jones IV
(901) 761-5353
1038 OAKHAVEN RD
MEMPHIS, TN
Specialties
Divorce, Bankruptcy
Education
University of Mississippi School of Law,University of Mississippi
State Licensing
Mississippi, Tennessee

Bruce Meyer Kahn
(901) 260-5164
6000 POPLAR AVE STE 400
MEMPHIS, TN
Specialties
Bankruptcy, Estate Planning, Probate, Business
Education
Trinity College ,Tulane University
State Licensing
Tennessee

Renee Goodman Kammer
(901) 260-0941
6055 PRIMACY PKWY STE 410
MEMPHIS, TN
Specialties
Bankruptcy, Real Estate
Education
University of Memphis - Cecil C. Humphreys School of Law,University of Tennessee, Martin
State Licensing
Tennessee

Gary Leroy Jewel
(901) 685-2408
6000 POPLAR AVE STE 403
MEMPHIS, TN
Specialties
Real Estate, Bankruptcy, Estate Planning, Banking
Education
University of Memphis - Cecil C. Humphreys School of Law,University of Memphis
State Licensing
Tennessee

Robert Eugene Orians
(901) 522-9000
6410 POPLAR AVE STE 1000
MEMPHIS, TN
Specialties
Business, Tax, Corporate, Bankruptcy
Education
Memphis State University,Vanderbilt University Law School
State Licensing
Tennessee

Sharon Norma Fewell
(901) 273-2480
6055 PRIMACY PKWY STE 410
MEMPHIS, TN
Specialties
Bankruptcy
Education
University of Memphis - Cecil C. Humphreys School of Law,Memphis State University
State Licensing
Tennessee

Alan Meyer Harkavy
(901) 866-5324
6060 POPLAR AVE STE 140
MEMPHIS, TN
Specialties
Litigation, Business, Bankruptcy, Construction, Personal Injury
Education
Washington University School of Law,University of Michigan
State Licensing
Tennessee

David Neil Arnold
(901) 591-8800
6263 POPLAR AVE STE 1132
MEMPHIS, TN
Specialties
Personal Injury, Litigation, Social Security, Bankruptcy
Education
University of Memphis - Cecil C. Humphreys School of Law ,Middlebury College
State Licensing
Tennessee

Michael E Goldstein
(901) 682-1455
6060 POPLAR AVE STE 450
MEMPHIS, TN
Specialties
Real Estate, Litigation, Bankruptcy, Estate Planning, Business
Education
Vanderbilt University School of Law,Vanderbilt University
State Licensing
Tennessee

Stewart Gorham Austin Jr.
(901) 576-1706
6000 POPLAR AVE STE 100
MEMPHIS, TN
Specialties
Bankruptcy, Real Estate
Education
University of Alabama School of Law ,Texas Christian University
State Licensing
Tennessee

5 Reasons You Should Avoid Bankruptcy

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When people get into financial trouble, they generally look for the least destructive option that they can find to help them get back on track. This is quite obvious, and it's no wonder that so many people put bankruptcy off until the last second. Here are some of the most common reasons that people should avoid bankruptcy if they possibly can:

-If you are asked about filing bankruptcy on your job application or loan, you are obligated to say yes. It doesn't matter if it's been three years or 30, because answering no at anytime is considered a criminally fraudulent act.

-Bankruptcy stays on credit reports for up to 10 years, and today's fast-paced world doesn't have the time to wait 10 years for your credit to improve.

-Bankruptcy brings a lot of emotional baggage with it. There are many common responses in people who have filed bankruptcy about their emotions that include stress, anxiety, guilt, and even a sense of failure. Financial stress is hard enough, but bankruptcy might be enough to put people over the edge.

-Employers are checking credit reports. Applicants with bad credit could be perceived as irresponsible and therefore less desirable to hire. You might not be able to get the job that you want because of your bankruptcy filing, so make sure that the short-term relief doesn't cost you your future.

-Every state has an average income. If you earn above that mark, you will generally fall into the category of consumers that file Chapter 13, not Chapter 7. Chapter 13 requires you to get involved in a 3-5 year payment plan that is court mandated and will make you use all of your disposable income to repay your debts over the term of the program. Plus, even though you are repaying your debts, the bankruptcy still shows up on your credit report, negatively affecting your credit for up to 10 years after the payment program is completed.

These are some very important things to consider when it comes to filing bankruptcy. You need to make sure that you take the time to weigh the options and seek professional assistance to determine which debt relief options are best for you.

 

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