Bankruptcy Attorneys Purple Law Firm Chattanooga, Tennessee
Bankruptcy General InformationThe United States Code provides individuals and businesses the right to declare bankruptcy and have debts discharged in whole or in part by the United States Bankruptcy Court. Bankruptcy provides a great benefit to Debtors, but also entails many tough decisions. One such benefit is that once a person has filed a Bankruptcy Petition the law requires all creditors to immediately cease and desist any and all collection activities, including contacting the debtor, garnishments, etc., and then the Bankruptcy Court makes all decisions regarding your debts, and assets. The decision to file bankruptcy is a very serious and tough decision to make. Furthermore, there are many requirements that must be met prior to filing bankruptcy.* You don't make these decisions alone, consult one of our attorneys today. Our team will work with you to determine your needs, and help you to make the necessary decisions. Call or email Purple Law Firm to schedule a consultation. |
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Chapter 7 BankruptcyProvides the qualified Debtor with a "fresh start". With some exceptions all unsecured debt is discharged. There are certain debts that can not be discharged. In a Chapter 7 the Debtor can surrender secured assets and have that secured debts discharged as well. Under certain circumstances a Debtor may choose to keep secured assets and reaffirm the debt with the creditor. For example you want to keep your house and continue making your mortgage payments. As with a Chapter 13, a Trustee is appointed by the Court and is vested with many powers and obligations, including the obligation to determine if there is any property which can be liquidated in order to pay all or part of the unsecured debts. The decision to enter into Chapter 7 should not be taken lightly. Chapter 7 Bankruptcy provides many benefits, but there are potential pitfalls as well.Chapter 13 Bankruptcy
is a Court ordered, Court supervised repayment
plan. The Debtor and his or her attorney prepare a
Chapter 13 Plan and submit the Plan to the Court for
approval. The Court appoints a Trustee to receive
payments form the Debtor, and distribute payments to
the creditors. The Trustee also ensures that the
Plan properly deals with the creditors, and is
vested with many powers and duties. The basic terms
of the Plan are as follows:
1. Pay all or most of total debts within a period of 36-60 months 2. Make regular payments to the Chapter 13 Trustee. 3. Deal with secured debts, unsecured debts, and certain other debts, like taxes, etc. Debtors in Chapter 13 receive the benefit of the Automatic Stay from the moment of filing the petition, as well as the stopping of all interest on unsecured debts, ie credit cards. In some instances debtors are able to reduce the overall debt through a Chapter 13, as well as surrender secured property and discharge any remaining difference. Call or email Purple Law Firm to schedule a consultation. Our team will work with you to determine your needs, and help you to make the necessary decisions. Chapter 13 Questions and Answers |
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** Please consult a bankruptcy attorney for details on eligibility requirements Return |
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The information contained in this web site is for general informational and marketing purposes only, and is not intended as legal advice, nor does it establish an attorney-client relationship. To receive legal advice from Purple Law Firm or its attorneys lawyers call or email for an appointment. This is a commercial web site and it contains information which is considered paid advertising, and all information contained herein has been reviewed by the attorneys lawyers of Purple Law Firm. Call today to speak to an attorney lawyer in Chattanooga, TN. Purple Law Firm is a member of Hamilton Law Center, PLLC, An association of attorneys. The term attorneys / lawyers herein referes to that association and/or is for marketing purposes only, and in no way is intended to imply anything further. |
The State of Tennessee recognizes Certifications of Specialization in all areas of practice relating to or included in the areas of Civil Trial, Criminal Trial, Business Bankruptcy, Consumer Bankruptcy, Creditor's Rights, Medical Malpractice, Elder Law, Estate Planning and Family or Domestic Law. Listing of related or included practice areas herein, does not constitute or imply a representation of certification of specialization. Furthermore, the use of the terms "Bankruptcy Attorney", "Criminal Defense Attorney", "Estate Planning Attorney", "Divorce Attorney", and the like is for general marketing and practice area identification purpose only, and is not intended to imply certification of specialization. Our attorneys lawyers are experienced in said practice areas, but are not "Certified Specialists" unless specifically indicated. |
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