Every year, numerous Tennessee residents are involved in automobile accidents. Those who are at fault may find themselves facing court costs, fines and having to pay restitution to victims. If this happens to you, failure to pay could cost you your driver's license. Bankruptcy may be able to help you with your debt obligations and allow you to keep your license.
Bankruptcy is probably the last thing on your mind when dealing with everything that follows a car accident. The simple truth is, if found at fault, the amount of debt you might incur covering your expenses and the victim's expenses can be on the extreme side. While certain court orders cannot be discharged or touched in bankruptcy, court costs, fines and other debts may be.
A Chapter 7 filing, if approved, can result in the discharging of all eligible debts. A Chapter 13 filing, on the other hand, if approved can result in the forming of an affordable payment schedule. Either will allow you to keep your license and free up funds to meet your remaining debt obligations resulting from the car crash.
To some Tennessee residents, filing for bankruptcy may seem like another big blow when already dealing with the fallout from an at-fault auto accident. You should not have to think of it that way. It is a debt relief option, just one of a few that may be open to you, but one that may help you through a difficult time. To learn more about bankruptcy options and if it is a good fit for you, please visit our firm's website.