Filing for bankruptcy can be an overwhelming process with all the complexities and challenges involved. You may not have to deal with these difficulties alone. Working with a lawyer who can help you find solutions to various bankruptcy-related problems may make this process smoother. An experienced Tullahoma bankruptcy attorney is ready to answer your questions and address any concerns you may have.
Exploring Bankruptcy Solutions
There are several types of bankruptcy options to choose from. A lawyer can assess your unique financial situation to help you determine the best bankruptcy option for you. Chapter 7 bankruptcy is for individuals who want to sell their properties and other items to pay back creditors. Chapter 13 and Chapter 11 bankruptcy involve a new debt repayment plan.
Chapter 11 bankruptcy usually works with businesses to allow these businesses to continue operating while committing to a lower debt repayment plan. Whereas Chapter 13 bankruptcy often works with individuals to create a more affordable debt repayment plan. The bankruptcy court must approve these repayment plans and the budget you will use.
Chapter 12 bankruptcy is similar to Chapter 13 bankruptcy but applies to family farmers or fishermen. An experienced lawyer can guide you through these various options and what steps they require. Not only that, but a bankruptcy lawyer can help you explore solutions to financial problems through bankruptcy:
Reaffirmation agreements
Automatic stays
Budget and payment plans
Credit counseling
A lawyer might be able to help you keep certain properties from being taken in bankruptcy through an automatic stay or a reaffirmation agreement. What a reaffirmation agreement can do is stop creditors from taking your car, home, or other properties under secured debt. Without this agreement, you may lose these properties once the bankruptcy case concludes.
The only catch is you will be required to enter a new payment plan for these properties under the reaffirmation agreement. Missing a payment could lead to the same problem of losing your property. A lawyer can help negotiate a lower payment during the agreement process.
How a Lawyer Can Help
A bankruptcy lawyer can also help you avoid common bankruptcy court challenges. Some of the most common bankruptcy court challenges include disagreements over:
Who owns what property
Which debts can be discharged or erased
Which property and belongings you can keep
Repossession
Property value
Repayment plan terms
How much money creditors need
What a lawyer can do is negotiate on your behalf or defend your claims when needed. A dedicated lawyer can explore all your legal options to help you obtain the best possible outcomes given your unique financial circumstances. Not only that, but your lawyer can lessen some of the pressure off of you when it comes to handling the more complex legal steps of bankruptcy.
Call Tom Bible Law Today
Navigating the complicated bankruptcy process alone can be confusing and stressful. Start by calling us at Tom Bible Law by dialing (423) 424-3116 for a consultation today about your finances. Our experienced team of Tennessee bankruptcy lawyers is ready to help you explore your options for bankruptcy. We serve clients in the Tennessee cities of Chattanooga and Tullahoma.