Filing Chapter 13 with our Nashville bankruptcy lawyers may give you the break you need.
Our Nashville bankruptcy lawyers understand that no one plans on needing to file under Chapter 13. You think you have your budget under control and then all of a sudden your various debts have grown past the point where you can afford to repay them. If this is your situation, then you really should talk to one of our Nashville bankruptcy lawyers about filing a Chapter 13 petition.
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By filing a Chapter 13 petition, our Nashville bankruptcy lawyers may be able to help you set up a sensible repayment plan. You may be able to get back to a normal life while still taking care of your financial future. Best of all, you should no longer be bothered by horrible letters and calls from angry creditors.
Our Nashville bankruptcy lawyers would draft your repayment plan as a positive agreement between you and your creditors. Your creditors would agree to forgive a portion of your debts to them in exchange for your commitment to repay your reduced debts over time. Most plans require you to make monthly payments to the bankruptcy trustee - a federal official who is appointed by the court to oversee your case - someone who in turn makes distributions to your creditors.
Typically, repayment plans presented by our Tennessee bankruptcy lawyers last from three to five years. While you are making payments under a repayment plan, your creditors shouldn't take any collection actions against you, and they are required by law to abide by the terms of your repayment plan.
To qualify for a Chapter 13 petition, you must satisfy three requirements:
You must have a regular source of income that is considered to be "stable and regular." This assures the court that you would be able to meet the terms of your repayment plan.
You must have enough disposable income. The law requires you must have enough income left over after your expenses to allow you to make your monthly payments in a timely fashion. Courts will often require you to submit a proposed budget to see if you can satisfy these requirements.
Your debts must not be too high. If your secured debts exceed $922,975, you are not eligible for a Chapter 13. Also, your unsecured debts may not exceed $307,675 -- unsecured debts are debts for which you have not pledged any of your property as collateral-such as most credit card debt, personal loans, and utility bills.
If you have any questions, call or write the people who have the correct answers.
It's easy to contact us. Call us, toll free, at 1 (877) 349-1309. Or, use our online case evaluation form. Simply fill out this secure online form with a few details about your situation. All information is kept strictly confidential. One of our experienced attorneys should contact you to provide a free, no-obligation consultation.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.