Deciding to declare bankruptcy is a difficult choice. Bankruptcy may affect future credit opportunities, as well as your reputation and self-worth. However, it can significantly improve a family’s short-term quality of life.

For many, the most immediate improvement to the quality of life due to a bankruptcy filing is that collections calls and letters stop. Immediately upon filing bankruptcy, the automatic stay goes into effect. The automatic stay prohibits all collectors from contacting the petitioner for payment during the bankruptcy process.

Many individuals and families buried in overwhelming debt may not realize just how much strain financial problems put on their family relationships. For example, one of the most common reasons cited for divorce is a financial struggle. Many families see an almost immediate improvement in their home life, family relationships, and their productivity on the job, their children’s success in school, etc. Extreme financial trouble can put significant emotional stress on the entire family, and filing bankruptcy can provide a much-needed relief from the constant struggle.

In addition to stopping collections calls, and discharging debt, bankruptcy provides families with a guide to a healthy financial future. All bankruptcy petitioners are required to complete two mandatory credit counseling classes, one before filing, and one before receiving a discharge of debt. Both credit counseling classes have a heavy focus on providing bankruptcy petitioners with all the tools and knowledge they need to make the most of their fresh financial start.

If you make the difficult choice to file Chapter 7 bankruptcy , make sure you discuss all the advantages and disadvantages of filing with an experienced bankruptcy attorney. Consider possibilities that could mean avoiding bankruptcy entirely, as well as preserving valuable assets if bankruptcy is the best choice in your situation.

If you are considering filing personal bankruptcy and you aren’t sure if it’s the best decision for your family, please don’t listen to conjecture. Instead, get in touch with our experienced bankruptcy attorneys to discuss your options. Most bankruptcy offices in the Chattanooga area don’t have a single Consumer Bankruptcy Specialist on staff. Our office is the only one in Chattanooga with two. You are in good hands with Kenneth C. Rannick P.C.

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