If you are a resident of Hendersonville, TN looking to file bankruptcy, you should seek a bankruptcy attorney’s help. If your debt problems have become bad enough that you are considering filing bankruptcy, Eric K. Fox is an experienced attorney who can help.

Many people who suffer from an overburden of debt will turn to a credit counseling/debt consolidation service for help. This is not recommended. Several of these companies have been investigated by the SEC in the past few years and most of them can’t really do anything to fix your debt problems. Instead, they will charge you a fee to look over your debts and consolidate them into one loan, and they will most likely refer you to a bankruptcy attorney anyway.

The fees an attorney charges you to file bankruptcy are usually not exorbitant and he or she will be able to give you the actual legal advice you need. Here is some important, basic data you should know about bankruptcy:

There are two types of bankruptcy for consumers, chapter 7 and chapter 13. Chapter 7 wipes out all unsecured debts whereas chapter 13 requires you to repay some of them. Your attorney will be able to tell you if you qualify for chapter 7. In Tennessee, if you are below the median state income levels for your size household, it is easier to qualify for chapter 7.

Here are the median state income figures for Tennessee:

1 earner $37,732
2 people $49,110
3 people $54,014
4 people $64,228

Contrary to popular belief, bankruptcy doesn’t demolish your credit. In fact, you can actually rebuild your credit faster if you file bankruptcy than you could by using a credit counselor. Two years after bankruptcy discharge, you can become eligible for mortgage loans under the same terms as others who have a similar financial profile but haven’t filed bankruptcy. And, by wiping out all your old debt, you stop the delinquency reports from continuously affecting your credit. Essentially, you are offering yourself a fresh start.

Bankruptcy has become a bit more complicated since 2005, when bankruptcy reform was passed. But an attorney who specializes in financial services will be able to steer you through the maze and help you get your life back. Eric K. Fox has been practicing in this field for seven years. He has the knowledge and expertise to guide you through a rough financial situation into a new beginning financially.