Bankruptcy Lawyer Somerville, TN
Even if you’re not yet sure that filing for bankruptcy is the best way forward, if you’re thinking about it as an option, schedule a free case evaluation with a bankruptcy lawyer Somerville, TN residents trust. There are no strings attached to this process. A free consultation simply allows you to learn more about your options so that you can make an informed decision about how to handle your family’s financial situation. If you do decide that filing for bankruptcy is the way to go, you’ll likely (unless you’re a small business owner) file under either Chapter 7 or Chapter 13 of the Bankruptcy Code. There are potential benefits and drawbacks to each approach. Rest assured that our experienced Somerville, TN bankruptcy lawyer team will walk you through what you need to know to make an informed choice.
What Are the Differences Between Chapter 7 and Chapter 13 Bankruptcy?
There are three major differences between Chapter 7 and Chapter 13 bankruptcy. The first is that Chapter 7 bankruptcy is only available to members of households whose income doesn’t exceed a specific limit. Essentially, the less money you make, the more likely it is that you’re eligible for Chapter 7 bankruptcy relief.
The second is that the Chapter 7 bankruptcy process doesn’t require filers to repay a portion of their eligible debts before the remaining balance can be discharged by the court. By contrast, Chapter 13 filers are required to make manageable monthly payments on the whole of their debt for 3-5 years before any remaining eligible debt will be discharged.
Finally, whereas Chapter 13 bankruptcy reorganizes debt so that paying it becomes manageable, Chapter 7 bankruptcy is referred to as “liquidation bankruptcy” because of a provision that allows a filer’s non-exempt property to be sold to pay their creditors. Thankfully, most property that an average family owns is classified as exempt, so chances are relatively slim that you’ll have property that would be sold in the event that you’re eligible to file for Chapter 7 bankruptcy. We can explain how this process works in detail during your free consultation.
Legal Assistance Is Available
You don’t need to have “all the answers” about bankruptcy before meeting with the experienced Tennessee legal team at Darrell Castle & Associates, PLLC. Knowing the ins and outs of bankruptcy law is our job. And it is our great privilege to assist those who are struggling with debt to manage that debt through bankruptcy. Too often, hardworking, responsible people fall on hard times through no fault of their own. Thankfully, the bankruptcy system is available to help “right the ship” when either an unexpected storm or seemingly never-ending rain makes it unreasonably difficult for families to continue on their journeys unimpeded. If you’re interested in filing for bankruptcy, connect with a Somerville, TN bankruptcy lawyer at our firm today; we look forward to speaking with you.