5 Reasons You Should Avoid Bankruptcy West Memphis AR

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.

Kenneth David Waddell
(615) 726-5543
165 MADISON AVE
MEMPHIS, TN
Specialties
Bankruptcy, Litigation, Real Estate
Education
University of Tennessee College of Law,Lipscomb University
State Licensing
Tennessee

Jennifer Powers Himes
(901) 271-0712
88 Union Avenue Suite 700
Memphis, TN
Specialties
Litigation, Bankruptcy, Appeals
Education
University of Memphis
State Licensing
Georgia, Tennessee

Carrie Ann Rohrscheib
(901) 271-0712
88 UNION AVE STE 700
MEMPHIS, TN
Specialties
Business, Litigation, Bankruptcy, Appeals
Education
University of Memphis - Cecil C. Humphreys School of Law,Rhodes College
State Licensing
Tennessee

Raymond Spencer Clift III
(901) 577-2216
165 MADISON AVE STE 2000
MEMPHIS, TN
Specialties
Bankruptcy, Litigation
Education
Samford University, Cumberland School of Law,University of Tennessee, Knoxville (main)
State Licensing
Tennessee

Blair Beavers Evans
(901) 577-2192
165 Madison Avenue, Suite 2000
Memphis, TN
Specialties
Bankruptcy, Litigation
Education
University of Arkansas at Little Rock, William H. Bowen School of Law,University of the South
State Licensing
Arkansas, Tennessee

Larry Allan Diamond
(901) 521-0084
100 N MAIN ST STE 1921
MEMPHIS, TN
Specialties
Criminal Defense, Bankruptcy, Personal Injury, Real Estate, Debt Collection
Education
Memphis State University,University of Memphis - Cecil C. Humphreys School of Law
State Licensing
Tennessee

Aubrey Lee Brown Jr.
(901) 576-1783
1 COMMERCE SQ STE 1700
MEMPHIS, TN
Specialties
Litigation, Family, Bankruptcy, Estate Planning, Employment
Education
Memphis State University School of Law ,Memphis State University
State Licensing
Tennessee

John David Blaylock
(901) 525-1322
1 COMMERCE SQ STE 1700
MEMPHIS, TN
Specialties
Bankruptcy, Litigation
Education
University of Mississippi School of Law ,Vanderbilt University
State Licensing
Tennessee

Harry Tucker Dewey
(901) 529-3003
88 Union Avenue Suite 700
Memphis, TN
Specialties
Bankruptcy
Education
Washington & Lee Univ
State Licensing
Georgia, Tennessee

Edward Franklin Childress Jr.
(901) 577-2147
165 MADISON AVE
MEMPHIS, TN
Specialties
Bankruptcy, Business, Litigation, Banking, Real Estate
Education
Samford University, Cumberland School of Law,University of Tennessee, Martin
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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