Do you have bankruptcy questions? The experienced bankruptcy attorneys at Flexer Law have answers.
The decision to file for bankruptcy can feel scary and overwhelming. To offset this uncertainty, it is necessary to gather as much information as you can about the process. There are different options available to you when it comes to filing for bankruptcy. Knowing what questions to ask will help you in the long run.
Disclaimer: there is an abundance of great information about filing for bankruptcy available online. However, there is also a lot of misinformation that can be harmful. The last thing you need is to add further stress to your financial situation by searching for easy answers. When researching, it is best to proceed with caution and seek the help of a professional.
If you have concerns about the cost of hiring a bankruptcy attorney, take advantage of a free consultation to learn about your options. Knowledge is empowering.
Do I need a lawyer to file bankruptcy?
You are not required to have an attorney file for bankruptcy on your behalf. However, this is not advised. Not all circumstances are alike. Different types of bankruptcies make sense for different people. Knowing which path to take largely depends on your income-to-debt ratio and many other factors.
Enlisting the help of an experienced bankruptcy attorney to guide you through the process will ensure that everything is done correctly. The process can be time-consuming and intimidating for someone without a legal background.
Flexer Law provides first-time clients with a free consultation that allows you to ask questions regarding your options and rights before deciding to file for bankruptcy. Since 1981, we have been honored to serve the legal needs of Middle Tennessee.
Contact one of our offices to get your bankruptcy questions answered. We will help you determine if filing for bankruptcy is the right decision for you and how to proceed.
Where is Flexer Law located?
Flexer Law offers bankruptcy services from each of our law offices located throughout Middle Tennessee. Contact the office nearest to you for a free bankruptcy consultation.
What is bankruptcy?
Bankruptcy is a type of legal proceeding that involves a judge and a court trustee. During the proceeding, they examine the assets and liabilities of an individual or business that is unable to continue paying their bills. The proceeding ends with a decision as to whether or not to discharge debts so the person or entity is no longer legally obligated to pay them.
Bankruptcy laws exist to give people and businesses with excessive financial burdens an opportunity to start over. Under certain circumstances, filing for bankruptcy is the best financial move to make.
What happens when you file for bankruptcy?
Filing for bankruptcy enables you to pay down portions of debt over time, or eliminate certain debts altogether. The first bit of relief comes in the form of an automatic stay, which goes into effect the moment a petition is filed.
An automatic stay puts a halt on your debts, with certain exceptions, that will prevent creditors from collecting on payments. While the automatic stay is in place, wages cannot be garnished, money cannot be deducted from your bank account, and secured assets cannot be pursued. It also prevents most legal repercussions, repossessions, foreclosures, evictions, and utility shut-offs.
You may be entitled to keep or protect certain assets from the trustee or a creditor based on applicable state or federal exemptions. Consult with one of our knowledgable attorneys to learn about which of your assets fall under the protection of Tennessee bankruptcy exemptions.
Types of Bankruptcies for Individuals: Which type of bankruptcy should I file?
In the United States, there are two types of bankruptcies available to individuals. Knowing which bankruptcy type is most appropriate for your circumstances depends on your assets, liabilities, and ability to make future payments. The two types of consumer bankruptcy are Chapter 7 and Chapter 13.
Chapter 7 bankruptcy discharges certain debts without the burden of repayment, while Chapter 13 bankruptcy requires a debt repayment plan that takes place over a period of years. The type of bankruptcy that you qualify for is determined by income and other factors.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy allows consumers to get a “fresh start” by wiping out many unsecured debts. This includes credit card debt, medical bills, payday loans, and more. Chapter 7 is known as “liquidation.”
From the moment you file Chapter 7, your creditors are required to leave you alone. This includes garnishments, phone calls, letters, and lawsuits. These actions must stop immediately. The Chapter 7 process normally takes 4 to 5 months from start to finish, and typically requires just one court appearance.
Learn more about taxes and Chapter 7 bankruptcy.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy reorganizes your debt into affordable payments, rather than the rates set by your creditors. Typically, Chapter 13 allows you to keep your home, vehicle, and other possessions, even if you’re facing the threat of foreclosure or repossession.
If you’re behind on your home or vehicle payment(s), Chapter 13 can be a good option to stop any collection activity, foreclosure, or repossession. This allows you to keep your property, repaying the amount you are behind as well as the ongoing payments at an affordable rate.
Learn how to keep your car during Chapter 13 bankruptcy.
Should I File Chapter 7 or Chapter 13?
Call and schedule a free consultation today with one of our experienced bankruptcy lawyers to find out which bankruptcy chapter is right for you. The attorney you work with will have the knowledge and experience to explain the benefits and potential disadvantages of filing for Chapter 7 or Chapter 13 based on your unique situation.
If you decide to file for bankruptcy, our role is to make the process as low-stress as possible. We will assist you in filling out all of the paperwork, appear in court with you, and remind you of all of the deadlines in your case. Our friendly staff is always here to answer any questions you may have – we’re just a phone call away.
Trusted Bankruptcy Resources
Experience Matters: Top Bankruptcy Law Firm in Middle Tennessee
According to the federal government’s Public Access to Court Electronic Records (PACER) system, Flexer Law consistently files more bankruptcy petitions than any other law firm in the Middle District of Tennessee. In fact, we have filed more than 30,000 bankruptcy cases, helping many others in your situation. We are ready to help you!
Payment Plans Available for Legal Services
We understand that times are tough. Many people worry about how they will pay attorney fees. We will work with you to make payment arrangements. For example, we handle many Chapter 13 bankruptcy cases with no money down. Your court costs and attorney fees are paid through your Chapter 13 plan. And remember, your first consultation with an attorney at Flexer Law is always free.