Bankruptcy Information
We have provided below some of the most commonly asked questions about bankruptcy and their answers. The information provided should be helpful, but it is not intended as legal advice.
Before you make any decision regarding bankruptcy in your personal situation, take the time to speak with a bankruptcy lawyer in your area. If you live in Smyrna or the surrounding parts of Tennessee, contact the law offices of attorneys Phillip M. George, Berry A. Foster and Jason N. King in Smyrna, Tennessee.
Frequently Asked Questions:
Q- Will I lose my Assets?
A- Unlike a Chapter 7 Bankruptcy where debts are liquidated, a Chapter 13 bankruptcy is a debt repayment plan that does not involve a liquidation of your assets. As long as you abide by the terms of a Chapter 13 bankruptcy order and pay in accordance with the debt repayment plan that is made a part of the bankruptcy court judge's order, you can generally keep your assets and protect them from forced seizures and sales.
Q- What is the Automatic Stay?
A- When you file for bankruptcy, an automatic stay is issued that prevents most creditors from further collection activity. Only a limited number of creditors, such as a child support creditors, may take any further collection activity until your case is decided or until further order of the court. Credit card collectors, collection agencies, medical bill collectors, home mortgage lenders and auto dealerships are all barred by the automatic stay.
Q- How will Bankruptcy affect my Credit?
A- In the short term, filing bankruptcy will probably hurt your credit. What surprises many people, however, is that they are able to restore their credit more quickly and more effectively than they thought.
By filing Chapter 13 bankruptcy, you discharge a certain portion of your debts and you pay the rest back gradually over time. By creating a manageable debt load, you make it possible to make your monthly payments. Continuing to make late payments year after year is not an effective long-term answer to debt problems.
Q- What is Chapter 13 Bankruptcy?
A- Our firm focuses on Chapter 13 bankruptcy. A Chapter 13 bankruptcy is like a debt repayment plan. If retained to handle your case, we submit a three or five-year debt repayment plan for approval to a bankruptcy court judge. If approved, you will have additional time to pay your debts and a portion of your debts may be discharged as well.
Chapter 13 bankruptcy is frequently used by people who are employed and do not want to lose their assets. A Chapter 13 bankruptcy is also often used by people who want to avoid a home foreclosure.
Q- How can Bankruptcy Help Me?
A- A Chapter 13 bankruptcy may allow you to avoid a home foreclosure, avoid a car repossession, stop creditor harassment, stop a wage garnishment and get more time to pay your debts gradually.
Learn More
To learn more about bankruptcy and your rights, contact our law offices in Smyrna, Tennessee today. To schedule your free consultation, call 866-383-0867 or contact us by e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
