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What is a BankruptcyBeing insolvent or bankrupt arises when a person, individual or married couple, reaches a point of not being able to properly meet their financial obligations. The United States Bankruptcy Code provides individuals and businesses the right to declare bankruptcy and have debts and financial obligations discharged in whole or in part by order of the United States Bankruptcy Court. Filing for bankruptcy provides a great benefit to Debtors, but also entails many tough financial decisions and complex legal issues.One such benefit is that after filing either Chapter 7 or Chapter 13, the Bankruptcy Court makes all decisions regarding your debts, and assets. Once a person has filed a Bankruptcy Petition the bankruptcy automatic stay provided by law, requires all creditors to immediately cease and desist any and all collection activities, including contacting the debtor, garnishment of wages, repossession, foreclosure, etc. Learn more about what is bankruptcy. 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, including passing a bankruptcy means test. Don't make these serious financial decisions alone, consult one of our bankruptcy attorneys in Chattanooga. The Purple Law Firm legal 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 with a bankruptcy lawyer today and get your finances in order. What is a Chapter 7 BankruptcyChapter 7 bankruptcy provides the qualified Debtor with a "fresh start". With some exceptions all unsecured debt is discharged - wiped out forever. There are exceptions to discharge which means that certain debts 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 Chapter 7 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. A Chapter 7 bankruptcy 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 you unsecured debts like credit card debt. The decision to file for relief in a Chapter 7 bankruptcy should not be taken lightly. Chapter 7 bankruptcy provides many benefits, but there are potential pitfalls as well. What is a Chapter 13 Bankruptcy
Chapter
13 bankruptcy involves a Court ordered,
Court supervised repayment
plan. The Debtor and his or her attorney for
bankruptcy prepare a
Chapter 13 Plan
to repay
all or a portion of debts and the Plan is
submitted to the Court for
approval. The bankruptcy Court
appoints a Trustee to receive
payments form the Debtor, and distribute payments to
the creditors. The
bankruptcy Trustee
is vested with many powers and duties
and ensures that the
chapter 13 plan properly deals with the creditors,
and feasibly repays your debts within the plan
period of 36-60 months.
Debtors in
Chapter 13
bankruptcy 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, i.e. credit cards. In
some instances
bankruptcy debtors are able to
reduce the
overall debt through a Chapter 13, as well as
surrender secured property and discharge any
remaining difference. Contact Purple Law Firm
to schedule a consultation with an attorney
experienced in bankruptcy law. Our
Chattanooga legal team will work with
you to determine your needs, and help you to make
the necessary decisions.
Learn more
Chapter 13 Questions and Answers
Debt Relief Through BankruptcyThe United States Congress and the US Code recognizes that a bankruptcy law firm is a debt relief agency. Although bankruptcy is not the only solution to debt problems, in most situations bankruptcy is the best option and provides complete debt resolution to the majority of Chapter 7 or Chapter 13 filers. If you think you may be insolvent and need relief from debt and credit problems, contact a bankruptcy lawyer in Chattanooga, TN, to explore the complete debt relief available through bankruptcy. The attorneys of Purple Law Firm have been filing bankruptcies in the Eastern District of Tennessee for thirty (30) years. Get the financial peace you deserve contact a Chattanooga debt relief attorney today. |
 Chattanooga
Attorney
Jim Purple has been assisting clients in matters of bankruptcy law for over
30 years. Put experience on your side and
retain a bankruptcy lawyer who cares about your situation. At
Purple Law Firm in Chattanooga, the attorneys and staff
recognize the fears
and concerns that come with bankruptcy, we are there to help
you understand and to make the process of going bankrupt as
smooth as possible or you.Why File Bankruptcy?
There are many reasons for a person to file a
bankruptcy. The most common problems that causes a
person to be insolvent and needing debt relief through
bankruptcy are:
Bankruptcy Pre Filing Requirements
** Please consult a bankruptcy attorney for details on eligibility requirements |
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