Tullahoma Bankruptcy Lawyer
Helping Clients Throughout Tennessee
With a combined experience of over 60 years, Tom Bible Law is a trusted law firm dedicated to serving the community in the Tri-City Area. Our team of attorneys specializes in bankruptcy law and is committed to assisting clients in achieving their debt relief goals. We take pride in offering personalized and attentive client service, ensuring that each individual receives the support they need. Our office is open six days a week, providing flexibility and affordable rates with flexible payment plans.
Don't let debt control your life. If you require assistance, we are here to help and guide you through your legal options. Contact us today through our online platform or by phone at (423) 690-7712 to schedule a consultation with a knowledgeable Tullahoma bankruptcy attorney.
Handling Various Types of Bankruptcy
At Tom Bible Law, we have expertise in handling different types of bankruptcy cases, including:
- Chapter 7 Bankruptcy: This form of bankruptcy offers complete debt relief by liquidating non-exempt assets to repay creditors. It is commonly suitable for individuals with excessive unsecured debts, such as credit card debts and medical bills. Chapter 7 bankruptcy typically takes around six months to complete, providing a relatively quick resolution.
- Chapter 13 Bankruptcy: Unlike Chapter 7, Chapter 13 bankruptcy involves restructuring the debtor's debts into a manageable payment plan. This plan spans three to five years, during which the debtor makes regular monthly payments to a bankruptcy trustee. It is often chosen by individuals with a regular income who have fallen behind on secured debts, like mortgage payments. Chapter 13 enables debtors to catch up on missed payments while retaining their assets.
- Chapter 11 Bankruptcy: Primarily designed for businesses, Chapter 11 bankruptcy allows them to reorganize their debts while continuing operations. It provides an opportunity for businesses to develop a repayment plan for creditors while remaining open. Although commonly utilized by large corporations, Chapter 11 bankruptcy can also benefit small businesses and individuals with significant debts.
- Chapter 12 Bankruptcy: Specifically tailored for family farmers or fishermen, Chapter 12 bankruptcy assists in addressing their unique financial challenges. Similar to Chapter 13, it enables debtors to propose a plan to repay a portion of their debts over a specified period, typically three to five years. Chapter 12 bankruptcy provides provisions specifically designed for the agricultural and fishing industries.
A Guide to Filing Bankruptcy in Tennessee
The process of filing for bankruptcy in Tennessee may vary depending on the chosen chapter.
Chapter 7: In this chapter, the bankruptcy trustee assumes control of the debtor's assets to repay creditors. However, most individuals filing for Chapter 7 do not have assets eligible for liquidation. To determine eligibility, the debtor must undergo a bankruptcy means test. Typically, Chapter 7 filers have their debts discharged within six months.
Chapter 13: This chapter involves establishing a payment plan that lasts three to five years. We will assist you in proposing a payment plan to the bankruptcy court. Through the bankruptcy trustee, you will repay either all or a portion of your debt to creditors. Debt discharge in Chapter 13 occurs only after completing the payment plan.
Chapter 11: Businesses filing under Chapter 11 receive protection from debt collection activities, allowing them time to reorganize and regain profitability. Depending on the circumstances, some debts may be discharged. The debt reorganization plan requires approval from the bankruptcy court.
Chapter 12: This chapter follows a process similar to Chapter 13 but is specifically designed to assist family farmers or fishermen burdened by debt.
At Tom Bible Law, we have an exceptional team of lawyers in Tullahoma, TN, who are passionate about making a meaningful impact. We prioritize quality over quantity and strive to create tangible differences in the lives of the individuals we assist in Tullahoma. Our law office is dedicated to providing top-notch customer service and legal support.
We thoroughly analyze your situation and overall financial picture to determine the ideal debt relief option for you. Bankruptcy can be a complex process, and any errors can have significant consequences in terms of time and money. We aim to get it right the first time. Rest assured that we will handle your bankruptcy filing with the utmost care and attention to detail.