Chapter 7 Bankruptcy Lawyer in Chattanooga
Protect Your Financial Future by Clearing Debt from Your Life
If you’re thinking of filing for bankruptcy and you have questions, the Chattanooga Chapter 7 bankruptcy lawyers at Conner & Roberts, PLLC are here to address your concerns and help you move forward with establishing financial freedom. If you have been unable to pay on your debt for several months, it is time to get help. Our firm is dedicated to helping individuals throughout the Tennessee Valley explore debt relief options and determine whether or not filing for a Chapter 7 is in their best interests.
Achieve a Fresh Financial Start With Help From Our Chapter 7 Bankruptcy Lawyers
Having spent the last decade assisting individuals in successfully eliminating their debt through bankruptcy, Chapter 7 bankruptcy attorney Amelia Roberts has the knowledge and experience to help you learn about your legal options and navigate the often confusing bankruptcy process.
When you file for Chapter 7 bankruptcy—often called liquidation bankruptcy—you can eliminate your dischargeable debt and obtain a fresh start. Your dischargeable debt may include credit card bills, medical expenses, car loans, and certain tax debt.
You will still be able to keep exempt property up to certain limits, such as household furnishings, a vehicle, clothing, and more. A Chattanooga Chapter 7 bankruptcy lawyer from Conner & Roberts, PLLC can work with your creditors to keep your car and/or your house if you want to keep them and are able to make payments.
As soon as you file for bankruptcy, an automatic stay is issued by the court that will:
- Stop creditor telephone calls
- Stop creditor letters and emails
- Stop repossession
- Stop wage garnishments
- Stop foreclosure on your house
- Stop lawsuits
Why Do I Need a Bankruptcy Lawyer?
To qualify for a Chapter 7 bankruptcy in Tennessee, you must first pass the means test. You can file for a Chapter 7 bankruptcy if your income or that of your household is below Tennessee's median household income. For a single-person household, that means a monthly income of less than $4,233.42. For a two-person household, that means a monthly income of less than $5,331.92.
If you do qualify for Chapter 7 bankruptcy and decide to file, you'll need to fill out various forms for your local bankruptcy court detailing your finances, debts, property, spending habits, and other details of interest to the court. You will also need to take a credit counseling course in an effort to prevent needing further financial assistance in the future.
After completing these requirements and filing for bankruptcy, a bankruptcy trustee will be assigned to your case. Trustees are affiliated with the U.S. Trustees Program under the Department of Justice. In bankruptcy cases, trustees try and ensure that creditors (the individuals you owe money to) recoup as much of their debts as they can from you.
When the trustee is looking out for your creditors, you deserve to have somebody watching your back as well. A bankruptcy attorney can help you understand the ins and outs of bankruptcies, advocating for your rights and helping you maintain more property than you otherwise might throughout the bankruptcy process.
Is Chapter 7 Bankruptcy Right for You?
Not all of our clients are suitable or even eligible for Chapter 7 bankruptcy. This debt relief plan is typically geared toward individuals who have insurmountable debt and no significant assets such as a home or business. Under federal law, you will be required to take the Tennessee means test to determine if your household income is higher than the allowable income bracket.
While you may be able to clear your dischargeable debts and regain control of financial obligations such as mortgage payments, you will still be responsible for certain liabilities throughout and after your Chapter 7 bankruptcy case.
For example, you can expect to continue paying any outstanding balances on student loans, alimony arrangements, or child support engagements as you navigate your bankruptcy case. These kinds of debts won't be wiped out after you file for bankruptcy either, which can be worth keeping in mind if they're a considerable source of stress for you.
Pros and Cons to Chapter 7 Bankruptcy
The benefits to filing for Chapter 7 include:
- A discharge of all debts aside from secured assets
- Immediate protection from wage garnishment and creditors
- Aside from inheritance, any wage or property you earn is yours to keep
- No minimum amount of debt is required to file
- Cases are usually swift and can end in as little as 3-6 months
The disadvantages to filing for Chapter 7 include:
- You may lose all non-exempt property
- Defense against foreclosure on your home is temporary
- If someone co-signed a loan, they may be stuck with your debt
Contact Our Chattanooga Chapter 7 Bankruptcy Lawyer Today
Learn more about bankruptcy by calling our Chattanooga Chapter 7 bankruptcy lawyers at (423) 299-4489.
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