Bankruptcy and your credit report

A Bankruptcy Discharge on Your Credit Report Does Not Mean You Cannot Get Credit — Most Nashville Residents Receive Credit Offers Immediately

Many people share the common misunderstandings that a bankruptcy on your credit report is a lifelong scarlet letter that permanently ruins your credit and that it takes years to get any credit whatsoever after filing for bankruptcy. Unfortunately, too many people in Nashville presume that this is true and never speak to a bankruptcy attorney to get the facts. They continue paying overwhelming interest charges instead of ever getting out of debt and getting a fresh start.

Although Chapter 7 bankruptcies appear on credit reports for 10 years after discharge, it is not uncommon for people to be able to buy cars and even houses well within that period of time. The most important thing is to show creditors that you have learned from past mistakes and now use credit responsibly. The economic recession hit Nashville residents hard over the last several years has forced many people into filing for bankruptcy. Hiring a bankruptcy attorney has given them the fresh start that they needed.

Speak with an experienced bankruptcy attorney to give you the facts about bankruptcy law if you are in worried about your financial well being. Interest fees are piling up and compounding every month you wait to get help from a professional. Get the truth about bankruptcy from an expert that can help you make an informed decision about your best course of action.



How much does it cost to file for bankruptcy?

Deciding whether or not to file for bankruptcy is a difficult decision. There are some unexpected costs that arise during the course of a bankruptcy filing that many people do not anticipate. However, the costs are usually negligible compared to the amount of debt that people are looking to have forgiven. The decision about whether or not bankruptcy is right for you depends on whether the pros outweigh the cons for your particular circumstance. The best way to make this determination is to have a consultation with an experienced Nashville bankruptcy attorney.

The fees for filing are generally minimal for most people considering bankruptcy. The filing fee for a Chapter 7 bankruptcy is $335. Chapter 13 is $310, which is paid as part of the plan and is not an upfront payment. If you are unable to afford the fees, you may be able to get those fees waived if your income is far enough below the poverty line.

The fees for filing do not include attorney’s fees. Those will depend on whom you hire to represent you in the matter. It is always recommended to hire a skilled Nashville bankruptcy attorney to prepare your case if filing for bankruptcy. The difference that an attorney makes in presenting your case and negotiating settlements is more than worth even the most expensive attorney’s fees. You need someone that understands the exemptions and different types of debt that you wish to be discharged. And, the relatively small investment of filing and attorney’s fees is usually less than the interest payments alone for many debtors.

The real costs of filing from bankruptcy are the costs that are more indirectly incurred after filing for bankruptcy. Different life opportunities and some careers are negatively impacted by a bankruptcy on your record. You should speak with a knowledgeable bankruptcy attorney in Nashville before filing bankruptcy so that you know in advance what all of the costs are going to be. The ultimate goal is to give you a fresh start for your financial well-being.