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Chapter 13 Archives

Can Chapter 13 bankruptcy erase student loan debt?

The student loan debt crisis is all over the news these days and may have hit some people in Tennessee particularly hard. Sometimes a person takes out thousands of dollars of loans in order to get a higher education. Unfortunately, even those who see academic success and receive a degree in their chosen field of study may have a hard time finding adequate employment. Moreover, these loans often have high interest rates.

The reach and limits of the automatic stay in bankruptcy

Many people in Eastern Tennessee who are contemplating bankruptcy are aware of a legal device called the "automatic stay." The automatic stay is an order that is issued by the bankruptcy court where the petition has been filed. The stay is addressed to every creditor identified by the debtor in his initial filings, and it prohibits any attempt to collect on obligations owed by the debtor. The automatic stay can protect a debtor against attempts to foreclose a mortgage, cut off utilities, liquidate liens and pursue collection actions on credit card debt.

How a Chapter 13 bankruptcy may save your house and car

People in Eastern Tennessee who are struggling with overwhelming debt have many questions if they are considering bankruptcy. One of the most frequently asked questions is whether they will lose their home or car in a bankruptcy proceeding. The answer to that question depends upon understanding how different bankruptcy proceeding operate.

Reorganize debt and get to a better financial situation

When most Tennessee residents think about filing for bankruptcy, they are probably thinking about Chapter 7 bankruptcy, which is commonly known as "liquidation" bankruptcy. In a Chapter 7 bankruptcy, the bankruptcy filer's assets are sold off, with some exemptions, and the proceeds are used to pay off outstanding debt. However, there is another option for residents to consider: Chapter 13 bankruptcy.

We can help small businesses recover from financial distress

A previous post on this blog discussed how small southeastern Tennessee business owners who operate in their individual names can get help with their business debts through a Chapter 13 bankruptcy. This is because these debts are usually in the business owner's personal name, just like his or her house loan or personal credit card. As such, they can be repaid through a Chapter 13 repayment plan.

How we can help get you a manageable repayment plan

As this blog has previously discussed how Chapter 13 bankruptcy requires a financially struggling family to make regular monthly payments on their debts, some Tennessee residents may be wondering what exactly can be done to make sure the payment plan is manageable for them. After all, the bankruptcy will be of little help if, a few months into it, the family discovers they simply cannot keep up with the payments.

What are some advantages of Chapter 13 bankruptcy?

Many people in Bradley County and throughout the southeastern corner of Tennessee may wonder what advantages there are to filing a Chapter 13 as opposed to a Chapter 7 bankruptcy. After all, the more common Chapter 7 bankruptcy involves a quicker process that can give a family permanent debt relief in sometimes a matter of just weeks or a few months.

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