If you experience hard times in struggle to pay bills or debt, it is time to consider filing for bankruptcy, which would eliminate all or part of the obligations you possess. No matter if your debt was caused by bad luck or unpredictable circumstances, you should be granted a second chance to have a fresh start. The bankruptcy is a chance to start over with a clean slate as it may suppress creditors from initiating or proceeding collection activities against you. There is no perfect moment for bankruptcy, but a good rule of thumb says that if paying off all your debts would take at least five years, then it is time to fill papers. Anyway, not all kinds of debts can be wiped out. Some of the nondischargeable are the following: alimony and child support, most student loan, tax debts, etc. Creditors are entitled to call into question the discharge of your debt if there are premises that, for instance, you lied on your schedules. The bankruptcy process itself is time-consuming and can be overwhelming for the average person as there are specific rules and regulations governing bankruptcy proceedings. Prior to filing for bankruptcy, all documents with financial records need to be gathered, and credit counseling needs be to completed. This procedure provides a thorough picture of your financial situations. If bankruptcy seems like a way out of your financial problems, turn for more information to Darrell Castle and Associates PLLC, which is a Memphis bankruptcy and personal injury. Contact them for a free consultation.
Main category: Finance
Sub category: Debt Consolidation
Tags: memphis firm bankruptcy