Franklin Tennessee's Number 1 Law Firm, Johnston and Street, PLLC
A full-service law firm offering hometown client care.

Debt Solutions

Good fences make good neighbors

Have you received a notice of foreclosure? 
Getting phone calls for your debt?

Debt is a common circumstance for many people. There is no reason to feel embarrassed or uncomfortable. We understand that people can get into a jam with their finances. We can provide you with the information you need to make financial decisions that can improve your situation.

Bankruptcy is one of the options that can help your current financial status. Let us review your file and help you decide if Bankruptcy is for you.


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
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. Overview of this type of filing and what you do for/how you help clients in this area. (paragraph + bullets)
Chapter 11
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
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.

Attorney Tim Street brings 50 years of combined experience to the practice of business law and litigation. We represent small and mid-sized businesses in Williamson County and surrounding counties of Nashville and Middle Tennessee.

Foreclosure & Repossession


If the mortgagor defaults (fails to repay the underlying obligation or debt), foreclosure is the proceeding instituted by the mortgagee, in a mortgage, and by the trustee on behalf of the mortgagee, in a deed of trust, whereby the secured real property is sold following notice by publication of the sale.

The proceeds are applied first to pay costs incurred and then to the outstanding obligation or debt owed, with any excess distributed to any other creditor with lien priority. Any remaining surplus would go to the mortgagor. If the proceeds fail to satisfy the obligation or debt owed, the mortgagee must pursue and obtain a judgment for the deficiency. Foreclosure cuts off the mortgagor’s equity of redemption. There are two types of foreclosure:  (1) judicial foreclosure and (2) non-judicial foreclosure by power of sale. 


When a creditor exercises his lien rights by taking property (other than real estate) away from you, it is called "repossession."

If you default on your security agreement, a secured creditor has the immediate right to repossess the collateral without warning, as long as the creditor can find it and get to it without breaching the peace.


If you want an answer now, email us or give us a call.