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Chapter 13 and other debt relief steps for Tennessee residents

Tennessee residents battling financial challenges may feel like they are fighting alone. However, millions of Americans all over the country are in the same boat. Although knowing that financial problems are prevalent and widespread may not help, knowing that financial problems are common will definitely give birth to solutions, such as filing for Chapter 13. However, before filing for bankruptcy, some steps to debt relief may want to be tried before exploring a legal option.

Before making a decision on which steps to take, a snapshot of financial standing is essential. Gather all pertinent financial documents, including paystubs and receipts, to find out the current debt level and also establish interest payments and how much money is actually earned each month. Next, visit an expert for a fresh perspective, which is always welcome when it comes to debt relief. Seeking advice from an expert who will be impartial to a case can provide help in addressing the problem. Make a budget by listing essential expenses, cutting as much fat as possible. Include necessities and leave out the luxuries.

Next, evaluate earning potential. No matter how much income is saved or allotted to pay off debt, if earning potential is not maximized, it is definitely much harder to dig out of a financial hole. If income is not enough, try looking for a job that pays more or find a second jog that will supplement basic income.

Finally, a chat with a bankruptcy attorney may be the best possible solution. Tennessee residents can explore filing for Chapter 13 with a professional who can help verify if a person is qualified for this type of bankruptcy. Upon verification, a professional can help explain the merits of Chapter 13 and the steps needed for a bankruptcy filing.

Source: The Daily Finance, "How to Become Debt-Free -and Stay That Way," July 13, 2014

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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