Bankruptcy Lawyer in Somerville, TN

Bankruptcy Lawyer Somerville, TNYou may have heard that bankruptcy is a good way to wipe out your debt, but what might be less clear is the best way to proceed. If you are considering bankruptcy, you probably have a lot of questions about how the process works. The more you know about bankruptcy, the better equipped you will be to handle it.

A good bankruptcy lawyer Somerville, TN  from Darrell Castle & Associates can answer a lot of these questions and will explain everything in detail. Not only will they explain the complicated legal proceedings to you, but they can also give you advice on how to handle your finances as well.

Below are some frequently asked questions about bankruptcy to help get you started.

What is bankruptcy?

Bankruptcy is a legal process that provides relief from the financial burdens of debt. It allows individuals to eliminate debt, repay creditors and get a fresh start.

How does bankruptcy work?

The filing of a bankruptcy petition automatically stays most collection actions against the debtor or the debtor’s property. Also, most types of creditors cannot initiate or continue lawsuits, wage garnishments, or even telephone calls demanding payments.

What debts can be eliminated in bankruptcy?

With few exceptions, most debts can be eliminated in bankruptcy. However, some debts may not be eliminated in certain types of bankruptcy cases. Depending on what type of case you file, student loans, alimony payments, back taxes, and criminal fines may still need to be paid.

Should I file for bankruptcy?

The decision to file for bankruptcy will depend on your particular circumstances and objectives. An experienced bankruptcy lawyer Somerville, TN can help you understand the benefits and consequences of filing and advise you as to whether or not it is right for you. A free consultation will help you determine if filing for bankruptcy makes sense for your situation.

How do I file for bankruptcy?

There are several steps involved in filing for bankruptcy. These include: obtaining documents that show your income, assets and liabilities; attending credit counseling; completing required forms and schedules; and filing your petition with the court. A bankruptcy lawyer in Somerville, TN can help walk you through these steps and make sure everything is done correctly.

What are the different types of bankruptcy?

There are two main forms of bankruptcy available to individuals: Chapter 7 and Chapter 13. These two options have different applications and criteria, so it’s important to understand which is right for your situation before making a decision.

Am I eligible for Chapter 7 or 13?

To qualify for either type of bankruptcy, you must pass a means test that analyzes your income over 6 months and determines whether you have enough disposable income left each month after paying off secured debts, such as mortgages or car loans, to pay unsecured debt like credit cards or medical bills. If so, then you may not be eligible for Chapter 7 bankruptcy and instead will be required to file for Chapter 13 instead.

Bankruptcy can be a scary word for anyone, but take a deep breath! There is no shame in declaring bankruptcy as long as you have done everything you could do to avoid it. Taking steps before you are officially bankrupt, such as talking with a bankruptcy lawyer from Darrell Castle & Associates, will help you know what action to take when you find yourself in an unfortunate financial situation.