Getting phone calls for your debt?
Almost everyone has to deal with debt. Whether it becomes a problem or not, debt is a legal issue. If you are lost in debt, we can help. Many of our clients come to us embarrassed and uncomfortable. Our job is to help you with a clear plan to get on with life without the worry of overwhelming debt.
Bankruptcy law may be available for debtors who are unable or partially unable to pay outstanding debts, to rid themselves of these debts and obtain a “fresh start”. Debts that cannot be cleared (“discharged”) include most taxes, student loans, alimony, child support, court fines, debts owed for a criminal act, and debts arising from personal injury in a DUI case.
There is a lot of information that must be gathered to file for bankruptcy. This information includes itemizing your current income sources, major financial transactions for the last two years, monthly living expenses, debts, property, tax returns, deeds, titles, and any loan documents.
After gathering this information, your attorney or you can determine which property is exempt under the Tennessee exemptions. To actually file for bankruptcy, your attorney or you files a petition and several other forms. Our office can help you gather this information and assist you in properly filing for bankruptcy.
Chapter 7 Bankruptcy
A Chapter 7 bankruptcy provides for liquidation of the debtor’s non-exempt assets.
A court appointed trustee conducts the sale of the assets and distributes the proceeds to creditors. Both individuals and businesses may file for bankruptcy under Chapter 7.
Chapter 11 Bankruptcy
A Chapter 11 bankruptcy is generally done by businesses such as a partnership or corporation. Its purpose is to reorganize the business under supervision. It allows the debtor to continue the business while following a payment plan agreed upon by the court.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is generally relied upon by individuals with a regular income. It is used to make a payment plan to pay debts. It typically lasts between 3 to 5 years.
Student Loans & Taxes
There are options available to help lower both the interest and principal amount owed on your student loans. Some student loans can be discharged in bankruptcy. If your federal student loan is not in default, options available include deferment, forbearance, and repayment plans.