Bankruptcy helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.
People sometimes wonder whether they can file bankruptcy. They may have heard that recent bankruptcy reform has changed the rules. The good news is that most people are still eligible for Chapter 7 bankruptcy. This type of filing liquidates an individual’s property to pay debts and discharges the debts that cannot be paid. In most cases, the home and personal property the average person owns is exempt from liquidation under Chapter 7 Bankruptcy.
Reasons to File
There are many reasons to consider bankruptcy. Are you in danger of losing your home? Are bill collectors calling you at home and at work? Have your personal finances been ruined by an illness in the family? Did you lose your job and can no longer make car and house payments?
Stop harassing phone calls & wage garnishment
Once you file bankruptcy, the law requires creditors to stop calling you at home or work. They are also prevented from garnishing your wages. These provisions of the law, collectively called the “automatic stay,” give debtors some breathing room.
In addition, the Tennessee bankruptcy law allows you to keep some of your property. Consult a knowledgeable lawyer to find out whether you might be able to retain some of your assets after filing bankruptcy.
Sensitive to your concerns
We know that there are a lot of emotions associated with filing bankruptcy; our attorneys and staff are highly sensitive to this. Our bankruptcy legal assistant, Althea Cuadras, is friendly and willing to explain the process. Our attorneys take the time needed to listen to clients, hear their concerns and make sure they understand the long-term benefits and consequences of a Chapter 7 bankruptcy. We are not a bankruptcy mill.
When bankruptcy is the only option you do not want to be left vulnerable and with uncertainty. You need to know your options and your limitations. Chapter 13 bankruptcy reorganizes a portion of your debt so you can repay it over time, and discharges the rest if it exceeds a certain threshold. Chapter 13 bankruptcy is often referred to as a wage-earner’s bankruptcy, because the debtor is able to repay some of the debt because he or she has a job and thus an income.
Stop Harrassment, learn about the process
Like Chapter 7 bankruptcy, filing for Chapter 13 will result in an automatic stay so that creditors can no longer harass you. And if they continue to do this in violation of the law, our lawyers can take steps to stop phone calls and collection efforts. In these and in all matters related to bankruptcy filings, clients work with our knowledgeable legal assistant Althea Cuadras, who has been working with bankruptcy clients for many years. She and our attorneys take the time needed to explain the entire process in a way that is understandable. They will be there to answer any questions along the way.
Save your house, keep your car
Chapter 13 bankruptcy allows you to save your house from foreclosure and your car from repossession. It can allow you to make up back taxes and other missed payments. If you follow the repayment plan and diligently make your payments, after three or five years, the bankruptcy trustee will discharge your remaining debts and you will be able to start fresh with your home intact.
The Cave Law Firm, PLLC
At The Cave Law Firm, PLLC, our attorneys help people file Chapter 13 bankruptcy. Our law firm is a family-run business that has been operating in this part of Tennessee since 1974. With offices in Greeneville and Tri-Cities, we handle all Chapter 13 bankruptcy filings. We give each client the full attention he or she deserves, explaining the process and providing updates as the matter moves forward. We will explain how bankruptcy works, the repayment options, the debt limits and let you know if you are eligible to file Chapter 13 bankruptcy.
You will find us to be zealous in pursuit of positive results and dedicated to giving clients the personal attention they deserve. If you are looking for the best Greeneville or Kingsport attorneys, look no further than the Cave Law Firm. Based in Greeneville and Kingsport, The Cave Law Firm, PLLC, represents clients throughout the Tri-Cities and Eastern Tennessee.