File Bankruptcy in Murfreesboro, TN – Experienced Chapter 7 and Chapter 13 Bankruptcy Lawyers
We help people assess their financial situations, consider their debt relief options and provide the high-quality bankruptcy services needed to accomplish their goals. We also offer compassionate, nonjudgmental personal attention, clear explanations and honest answers about the advantages and drawbacks to filing. Better still, we do this all at an affordable price.
Our Murfreesboro, TN bankruptcy attorneys handle bankruptcy cases in the U.S. Bankruptcy Court for the Middle District of Tennessee, located in Nashville, as well as in the U.S. Bankruptcy Court for the Eastern District of Tennessee, located in Winchester.
Chapter 7 Bankruptcy Basics
To file Chapter 7, you must not have received a previous Chapter 7 discharge in a case that commenced within the past eight years and you must pass the Chapter 7 means test. If you are eligible, we will still have to evaluate whether Chapter 7 is the best option for you based on other factors.
Chapter 7 can eliminate most types of unsecured debt, including credit card debts and medical debts, but not others such as student loans, recent taxes or child support obligations. Chapter 7 does not eliminate secured debts such as a mortgage or a car loan. This means that if you want to keep your home or your car, you must not be behind on payments or you must have the ability to make good on any past-due amounts before you file. You will also have to sign a reaffirmation agreement with your lender.
If you can’t get current on your house or car payments or if you have nonexempt assets such as a vacation home that would have to be sold by the bankruptcy trustee in a Chapter 7, you may want to consider filing under Chapter 13.
Whether you file under Chapter 7 or Chapter 13, bankruptcy’s “automatic stay” can put a stop to further creditor harassment, wage garnishments, foreclosure proceedings, collection efforts and other adverse actions until your bankruptcy case is finished.
Chapter 13 Bankruptcy Basics
To file a Chapter 13 case, you must have a steady source of income (which is why it is sometimes referred to as a wage-earner plan), and you must have not filed a Chapter 7 in the past four years or a Chapter 13 in the past two years.
This type of bankruptcy can give you time to reorganize your finances and consolidate many debts into a single monthly payment, which you will generally make directly to the trustee in charge of your case. The repayment plan can last either three years or five years, depending on the circumstances, and it is likely that you will repay only a portion of the total amount you owe over the course of the plan.
Lastly, in addition to protecting nonexempt assets and consolidating debts into a single, manageable monthly payment, filing under Chapter 13 (as opposed to Chapter 7) will protect anyone who has cosigned a debt for you from future collection efforts.
Free Initial Bankruptcy Consultations · Serving All of Middle Tennessee
Whether you’ve decided to file bankruptcy in Murfreesboro or you’d simply like to learn more about your options, we can help. To speak with an experienced bankruptcy lawyer at our law firm, call us at 1.855.700.0753 or contact us online. All initial consultations are free and confidential, with evening and weekend appointments available upon request.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.