Bankruptcy Lawyer Somerville, TN

Bankruptcy Lawyer Somerville, TNBankruptcy is a scary proposition and it sounds ominous, which if you are even thinking about bankruptcy you should contact a bankruptcy lawyer in Somerville, TN for a consultation. The media has bombarded us with the nightmare tales of seemingly solid business going from bedrock to bankrupt. They have also given this word an ominous sound when in reality it is there to help in the long run. 

If you are wondering if bankruptcy is right for you then don’t hesitate to reach out to a qualified lawyer at Darrell Castle & Associates, PLLC. There are no strings attached and you may find you don’t qualify for bankruptcy at all. 

How do You Assess Your Financial Situation? 

To figure out if you need to give your financial situation more thought, you need to ask yourself some questions. The simplest way to put bankruptcy is when you owe more than you can afford to pay. Here are some things to ask before you have your heart set on bankruptcy: 

  • Do you only make the minimum payments on your credit cards?
  • Do you have bill collectors calling you non-stop? 
  • Does the thought of sorting out your finances make you feel scared or out of control? 
  • Are you unsure of how much you owe? 
  • Are you considering debt consolidation? 

If you answered yes to two or more of those questions then you may need to consider bankruptcy to help solve the issue. However, it shouldn’t be approached casually as there is no easy fix to debt. 

Can You Keep Your Property? 

This is going to depend on what chapter you are filing under. Under Chapter 13 the answer is yes. With this plan, you repay all or a portion of your debts through a repayment plan over a period of three to five years. In exchange, you get to keep your property such as your car and home as long as you keep up with the payments. 

If you filed a Chapter 7 bankruptcy then you can ask the court to discharge most of the debts you owe. In exchange, the bankruptcy trustee can take any property you women that is not exempt from the collection and sell it to distribute the proceeds to your creditors. What are exempt changes from state to state and that is why a lawyer is needed. They can help you know what you get to keep and what will have to be sold. 

Will Bankruptcy Stop Harassing Phone Calls From Debt Collectors? 

The short answer is yes it will. It requires most creditors and debt collectors to stop all communication efforts against you until the bankruptcy is over. However, if all you want is to stop the calls there are other ways to do it. Under the Fair Debt Collection Practice Act, you can request the contact be ceased. This only works on debt collectors though and not creditors. 

Even if you aren’t sure if filing for bankruptcy is the best way forward, it will not hurt to contact a bankruptcy lawyer in Somerville, Tennessee from Darrel Castle & Associates, PLLC for a free consultation. There is no reason you should go into this alone and be full of questions about if it is the right choice for you.