For some people in Bradley County, Tennessee, or in other parts of the greater Chattanooga metro area, the prospect of having to file a Chapter 13 bankruptcy is not good news for a struggling family, yet the family does not have much of a choice because they make a high income. For others, filing Chapter 13 is a conscious choice. For instance, some people are willing to trade off having to repay all or part of their debts in exchange for getting to keep all of their property instead of having to turn it over to a bankruptcy official. There are other financial and legal advantages to filing for Chapter 13 bankruptcy and skipping the more common Chapter 7 bankruptcy.
Assuming a Tennessee family has a meaningful choice, it is important for them to have sound legal advice as to what the advantages and disadvantages are to Chapter 7 and Chapter 13, as making the right decision can save a family a lot of money, protect their assets and help them get the best financial start possible. The wrong decision, on the other hand, may make a family's financial problems worse or end in a failed bankruptcy.
This is why our law office takes the utmost care to understand every aspect of our clients' financial situations and then, using that information and our knowledge of and experience with the law, recommend which type of bankruptcy to file. On a related point, we can also help do-it-yourselfers who don't think they qualify for a Chapter 7 and must file Chapter 13 verify that they have correctly calculated their income and expenses.
We do not stop once our clients make their decision. For those who choose to file a Chapter 13, we will be there to help them prepare their paperwork, including their proposed payment plan and to argue that the bankruptcy court should approve the plan. We can also help modify Chapter 13 plans if our clients' circumstances change.