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Helping good people through bad times

Breaking down bankruptcy myths for Tennesseans

When Tennesseans have exhausted numerous debt relief options to no avail, the last resort is filing bankruptcy. However, many Tennesseans hesitate to cross this threshold because of the many misconceptions associated with bankruptcy. Unfortunately failing to do so may result in a missed opportunity to eliminate debt and the risk of further financial complications. Since bankruptcy is nothing new to our Chattanooga County-based law firm we go the extra mile to debunk such myths so Tennesseans can enjoy a fresh financial start.

One of the most common bankruptcy myths is that you will lose everything you own. Losing what one has worked for is a daunting consequence but a person will not necessarily lose everything after filing for bankruptcy. In the cases our law firm has handled, most people kept their assets and property. We say "most" because those who gave up property and assets did so voluntarily to help fast track the process of paying off debts and achieving financial recovery.

Another myth is that filing for bankruptcy is difficult. The most difficult part of filing for bankruptcy is making the actual decision to file because it is not just a financial decision for some Tennesseans; it is also an emotional choice as well. Our law firm knows this and closely guides our clients throughout the whole bankruptcy process. Although the process itself is not complicated, being under financial and emotional stress can cause problems along the way. We help clients avoid such problems.

Another myth is that filing bankruptcy somehow makes a Tennessean a "bad" person. We understand that sometimes, bad things happen to good people. One principle of bankruptcy law is to look after honest people in unfortunate situations. Our law firm takes that to heart. Filing for bankruptcy can show that a person is responsible and making a good decision by choosing a legal way to dispose of debt.

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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
Chattanooga Law Office Map