Chances are if you are considering filing for bankruptcy, you’ve got Bankruptcy Questions in Murfreesboro, TN. It’s normal to wonder about the whys, hows and whens that come with filing. It’s not an easy decision to make because of the impact it has on your life during and after the bankruptcy. But it does ultimately help you regain your footing with your finances, and allows you to rebuild without the stress of creditors hounding you.
One of the biggest questions that comes up with bankruptcy is how life will change after filing. The biggest change is the fact that creditors are barred from contacting you due to the automatic stay. Your phone stops ringing off the hook as creditors are informed of your filing. No longer do you have to deal with the harassing phone calls that demand money you don’t have. Now you have peace and quiet along with more money in your pocket. No more sending what you owe to your creditors as that is specifically forbidden in bankruptcy.
There are two chapters of bankruptcy that are designed for consumers, and you’ll file under one of them. There is no one easy answer as to which you are to file under. The only way to know for sure is to complete the means test, which shows you which chapter you are eligible for. The means test has you enter your income, bills, and any other related monthly expenses, then do some basic math. Depending on your financial circumstances, you’ll file under Chapter 7 or 13.
A bankruptcy can last anywhere from a few months to a few years, but it depends on the chapter you enter into. Chapter 7 lasts about four months on average, and Chapter 13 can last up to five years. In both cases, the money you owe is discharged on the specified date, provided all requirements have been met. If you have an uneventful bankruptcy and receive a discharge, you no longer owe your creditors. All of your income is yours to keep and creditors can no longer lay claim to it.
It’s best to discuss your Bankruptcy Questions in Murfreesboro, TN with a lawyer especially for in-depth answers. Each bankruptcy is different from the next, and you may have a unique situation that needs to be addressed specifically.