Sometimes events occur that force people to consider bankruptcy. A divorce, job loss, illness, injury, or sometimes poor financial decisions can lead to creditors calling repeatedly or even filing lawsuits for old bills. If you fall behind on your house note, your mortgage company may initiate a foreclosure action.  If the house is in pre-foreclosure, we may be able to help you save your property.

Many consumers are under the mistaken belief that bankruptcy is no longer an available option. The law governing bankruptcies changed substantially on October 17, 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) includes several new requirements for consumers filing bankruptcy. However, the vast majority of consumers in need of debt relief still qualify for either Chapter 13 (wage earner) or Chapter 7.

Don’t let mounting debts cause you to give up hope. Set an appointment with us so we can evaluate whether you need to file bankruptcy or if there are other solutions available to help you.

STOP FORECLOSURE, GARNISHMENT, HARASSMENT (IF YOU QUALIFY)

CONSUMER BANKRUPTCY

For consumers, there are two types of bankruptcy:

Chapter 7 - Bankruptcy
This type of bankruptcy is a "liquidation" of debts. In exchange for wiping out certain debts, the debtor turns over non-exempt assets to the Trustee. In Tennessee, the Bankruptcy court uses state statutes to determine what property you can keep. When you hire us, we can go over your list of assets to see what you can and cannot keep and see if Chapter 7 is best for you.

Chapter 13 - (Wage Earner) Bankruptcy
This type of bankruptcy is often called "Wage Earner" bankruptcy. There is sometimes a misconception that this is not a bankruptcy. It is, but it is different than Chapter 7. Chapter 13 can often provide a way for a person to catch up on overdue mortgages and past due car loans so that he/she can stay in his/her house and drive his/her car while working out a plan to pay back part of the debts to the creditors over a three to five year period. You will have to pay back all of a mortgage, but other debts sometimes are only partially paid, and the remainder is discharged if you have successfully paid into the plan. You must have a source of income available sufficient to carry out the terms of the plan, which is usually wages earned (thus the informal name "wage earner" plan.) Even a self-employed person can use Chapter 13 and still own and operate the business if he or she qualifies.

Contact us for a free consultation.

We are a federally designated Debt Relief Agency. We help people file for relief under the U.S. Bankruptcy Code.

Disclaimer:
The information contained on www.cordtsandgulley.com is not intended to provide legal advice. THIS IS GENERAL INFORMATION, subject to change at any time and may be obsolete. Court results depend upon the specific factual and legal circumstances of each case. You should consult with a lawyer before you make any decision affecting your legal rights. We do not form attorney-client relationships via email. We ask that you contact us to set an appointment.