If you are considering filing for bankruptcy, you may have questions about the bankruptcy process. How long will it take? Is it a major time investment? While the bankruptcy process is complex, having an experienced bankruptcy attorney on your side can make it much easier to bear.
At the Law Office of W. Thomas Bible, Jr., we help clients with all aspects of bankruptcy, including Chapter 7, Chapter 13, Chapter 11 and Chapter 12 bankruptcies. We provide knowledgeable bankruptcy representation to clients from Chattanooga and throughout Tennessee and North Georgia.
Do you have questions about the bankruptcy process in Chattanooga? Contact us today online or by telephone at (423) 690-7712 to arrange a consultation with an experienced Chattanooga debt relief attorney.
The Bankruptcy Process
The bankruptcy process is different depending on which bankruptcy chapter you file. Following is a brief description of the bankruptcy process for each chapter:
- Chapter 7: In a Chapter 7 bankruptcy, the bankruptcy takes control of the debtor’s assets and uses them to pay off creditors (although most people who file have no qualifying assets to lose). The debtor must first take a bankruptcy means test to determine if he or she qualifies for Chapter 7. Most people who file for Chapter 7 bankruptcy have their debt discharged within six months.
- Chapter 13: Filing for Chapter 13 bankruptcy is the first step in establishing a payment plan that lasts between three and five years. We will work with you to propose a payment plan to the bankruptcy court. You will pay back all or a portion of your debt to your creditors, through the bankruptcy trustee. In a Chapter 13 bankruptcy, the debt discharge does not occur until the payment plan is completed.
- Chapter 11: In a Chapter 11 bankruptcy, businesses are protected from debt collection activities, while getting time to reorganize debt and restore the business to profitability. Some debt can be discharged in a Chapter 11, depending on the circumstances. The bankruptcy court must approve the debt reorganization plan.
- Chapter 12: The Chapter 12 bankruptcy process is very similar to the Chapter 13 process, except it is designed to aid a family farmer or fisherman who is burdened by debt.
Whatever bankruptcy chapter you file, our lawyers will work with you personally throughout all stages of the process. We are committed to helping you avoid creditor actions while achieving your debt relief goals.