The process for filing for bankruptcy can quickly become overwhelming with all the options that are available. Exploring how bankruptcy works and the types of bankruptcy options out there may help you decide. You can also reach out to a Chattanooga bankruptcy attorney for guidance on which bankruptcy path to take. An experienced lawyer can answer your questions and determine the best options for you based on your unique financial situation.
Exploring Bankruptcy Options
It is important to know how bankruptcy works and what bankruptcy can and cannot do. Some people look to bankruptcy as a solution to all their financial problems. While bankruptcy can make escaping debt easier, bankruptcy may not be able to resolve every financial dilemma.
What bankruptcy has the possibility of doing is lowering debt payments, erasing certain debts, delaying or stopping repossession and foreclosure, and gaining more time to pay off debt. Bankruptcy can slow down debt repayment but may not always eliminate all debt. Bankruptcy cannot erase secured debts, alimony, child support, student loans, taxes, debt acquired after bankruptcy, and criminal fines.
A lawyer can help you choose amongst the types of bankruptcy out there based on your financial dilemma. Chapter 7 bankruptcy helps individuals erase debt by selling their items and property to pay off debt. What Chapter 13 bankruptcy does is create a new payment plan for debt with lower payments, more time to pay off debt, and lower interest rates.
Chapter 11 bankruptcy is primarily used by business owners to let them continue to run their company with a new debt payment plan. This new payment plan may also involve more affordable payments. Only family farmers and fishermen can file for Chapter 12 bankruptcy.
How a Bankruptcy Lawyer Can Help
You might be wondering whether you need a bankruptcy lawyer to file for bankruptcy. For one, some forms of bankruptcy may not go as well without legal help from a lawyer. In general, most people tend to be more successful when hiring a lawyer to aid them with bankruptcy.
A bankruptcy lawyer can help you choose the right type of bankruptcy with the best outcomes for your situation. Once hired, your lawyer can take over complex steps where many people make mistakes that result in dismissed bankruptcy cases. This may include gathering evidence, financial information, and filling out bankruptcy forms.
An experienced lawyer can make sure creditors do not take advantage of you during this process. You may need a lawyer to defend you from creditor lawsuits, legal actions against you, creditor harassment, and complex bankruptcy cases. Feel free to ask your bankruptcy lawyer any questions you have about how they can help you and how they charge for legal services.
Call Tom Bible Law Today for Help
Filing for bankruptcy is a major decision and can be a confusing process. You can call us at Tom Bible Law by dialing (423) 424-3116 for a consultation today about your bankruptcy options. Our dedicated team of Tennessee bankruptcy lawyers is prepared to help you explore all your legal options related to bankruptcy. We can be found in the Tennessee cities of Chattanooga and Tullahoma.