Bankruptcy Lawyer Covington, TN
If you’re thinking about filing for bankruptcy, it’s time to explore your options with the experienced assistance of a bankruptcy lawyer Covington, TN residents trust. Filing for bankruptcy isn’t the right debt relief solution for every financial challenges. However, filing for bankruptcy relief has helped millions of Americans achieve a fresh financial start. Once you schedule a free case evaluation with our Tennessee-based firm, we’ll assess your financial situation and advise you of your options according to our professional opinion. If your situation is a “good fit” for the bankruptcy process, we can help you create a strong case likely to succeed.
If you’re a small business owner, you’ll likely need to file under Chapter 11 of the Bankruptcy Code. If however, you’re not a small business owner, you’ll probably benefit from filing under either Chapter 7 or Chapter 13. Almost everyone is eligible to file under Chapter 13. However, only members of low-income households are eligible for the particularly generous debt relief offered under Chapter 7. Chances are that if you’re eligible to file for Chapter 7 bankruptcy, this will be your preferred option. However, this process isn’t one you should enter into lightly. If you own a lot of valuable property, you might be better off filing under Chapter 13. Why? Chapter 7 bankruptcy is commonly referred to as “liquidation” bankruptcy. This nickname doesn’t mean much for most eligible filers. But if you own a lot of valuable property, this nickname could be consequential for you.
Chapter 7 Bankruptcy Exemptions in Tennessee
Chapter 7 bankruptcy is referred to as liquidation bankruptcy because the trustee assigned to a Chapter 7 filer’s case is empowered to sell any property that filer owns, provided that the property is classified as “non-exempt.” They then pass the profits of that sale along to the filer’s creditors as repayment of their debts. Tennessee law provides many exemptions that allow filers to protect their property from the risk of being sold by the trustee assigned to their case. Our Covington, TN bankruptcy lawyer team knows these exemptions inside and out and can help you protect your property from this risk. Most low-income filers don’t own non-exempt property, so they don’t risk anything by filing for bankruptcy. However, if you own unusually valuable property, you’ll need someone to look out for your interests during the bankruptcy process.
Legal Assistance Is Available
If you own a lot of valuable property, please connect with the experienced team at Darrell Castle & Associates, PLLC before attempting to file for Chapter 7 bankruptcy. Some filers with very, very straightforward finances and little property to their name are able to file for Chapter 7 bankruptcy relief successfully. However, if you own a lot of property, you’re going to want an experienced Covington, TC bankruptcy lawyer to guide you in order to better ensure that you remain the owner of your property once your bankruptcy process is complete.