Tennessee Bankruptcy Lawyer

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Many bankruptcies are caused by overwhelming medical expenses due to illness or sudden personal tragedy, unemployment, or marital problems. Bankruptcy is most often the result of unforeseen circumstances and therefore should not been seen as shameful or embarrassing. Bankruptcy can mean a fresh new start for people who have fallen on hard times.

If you feel that bankruptcy is the best option for you, you need an experienced bankruptcy attorney on your side. The laws surrounding bankruptcy are complicated and difficult to navigate. A good bankruptcy lawyer will help you decide which type of bankruptcy you qualify for and works best for you.

Finding a bankruptcy lawyer to represent you may involve a little homework. You will want to hire an attorney who is a member of the Tennessee Bar Association and the American Bar Association. Filing for bankruptcy can be a very stressful event in your life. The good news is that you can have a fresh start and good credit again.

Recent changes to the bankruptcy laws make it more difficult for middle class Americans to completely discharge debt. You will likely have to negotiate a repayment plan for a portion of your debt. You will have to attend a credit counseling session and pay increased fees. A good bankruptcy lawyer will help you navigate the system, and decide whether Chapter 7 or Chapter 13 is right for you. Chapter 7, which is known as "liquidation bankruptcy," is a good choice for those who have no real assets to protect. Under Chapter 7, people are only be required to liquidate assets that are not exempt by law, such as vehicles that are under $2,775. Items that are not exempt will be sold in order to pay off a portion of the debt, and the rest will be permanently discharged.

Chapter 13 is commonly referred to as a "wage earner's plan." This allows you to pay off debt over 36-60 months, according to a court-approved repayment plan. This allows you to catch up on your mortgage, and does not require you to sell your home to pay your creditors.

If housing foreclosure and overwhelming credit card debt is a daily stress, Chapter 13 could be your solution. This allows you for a repayment plan over 3-5 years all while letting you catch up on your mortgage and keep your home. You can stop harassing phone calls, collection letters and wage garnishments. This is a great option for people with steady income that have been put behind financially due to unforeseen circumstances and just need a chance to catch up.

The negative stigma of bankruptcy is a thing of the past. So many people have found themselves in the same situation and understand that it is sometimes necessary to ask for a fresh start. Creditors are now more accepting to providing people with another opportunity to re-build their credit. They are also aware that the experience is not something anyone would want to relive and more than likely the consumer will make better choices the second time around. You cannot file Chapter 7 for six years after your original filing date. There are no time constraints for filing Chapter 13.

It is important to review your situation with a bankruptcy lawyer, who can help you determine the best route for your future. Contact a bankruptcy attorney today and stop the stress of overwhelming debt so you can get back to living.

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