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NORCROSS, GA, April 16, 2013 /24-7PressRelease/ -- Declaring bankruptcy is a very difficult decision to make. While it can be a necessary step leading to an ultimately brighter financial future for some people, it is by no means a cure-all for your debt problems. It also carries long-term financial, emotional, and social repercussions. For these reasons and others, the Nashville bankruptcy law experts of Clark & Washington explain that filing bankruptcy is a significant decision that should only be considered as a last resort.
Personal bankruptcy is a legal procedure essentially declaring your inability to repay unsecured debts. These cases are filed within the U.S. Bankruptcy court system, which is an adjunct to U.S. District court. Declaring bankruptcy in Nashville is an attractive option for some because it offers a fresh start for those who are so financially burdened that they can no longer satisfy the basic requirements of repaying their debts.
Bankruptcy lawyers in Nashville clarify that there are two types of personal bankruptcy that a person can file - Chapter 7 and Chapter 13. Each filing option has its advantages and disadvantages. Selecting which type to file is a significant decision that you should discuss with a Nashville bankruptcy professional. Chapter 7 is known as a liquidation bankruptcy, allowing you debt forgiveness along with liquidation of your assets. Chapter 13 is a reorganization bankruptcy, where a court appointed trustee creates a debt repayment plan that you can afford.
Filing for bankruptcy in Nashville can help stop foreclosures, repossessions, wage garnishments, and debt collection activities. Both bankruptcy filing options also allow people to keep certain assets. However, bankruptcy does not eliminate Federal Student loans, taxes, and alimony or child support payments. It also costs hundreds of dollars to file, requires detailed personal financial records to be brought out in the open, and you must prove to the court that you have completed credit counseling, a debtor education class, and other requirements making it more difficult to file.
The Nashville bankruptcy lawyers of Clark & Washington are experienced, trustworthy law experts who handle only personal bankruptcy cases. For over 25 years, their team of law professionals has helped guide hardworking people in the Southeast through the difficult decision to file for bankruptcy.
For more information about Nashville bankruptcy attorneys, please visit http://www.bankruptcyattorneynashville.com.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.bankruptcyattorneynashville.com.
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