There is no different in the people that search for a bankruptcy attorney Clarksville Tennessee than in any other town.
It is very important to find the best Clarksville bankruptcy attorney there is and that is where this web-page comes in to help you.
It does not make a difference if you are thinking about a chapter seven bankruptcy or a chapter 13. for both you need a qualified bankruptcy attorney.
The knowledge they have can make a big difference in what the outcome is in your specific situation.
Bankruptcy can mean two things.
- Discarding your debt
- Repaying you debt
The reason that a bankruptcy is granted is the opportunity for an individual or business to have a fresh start.
A bankruptcy most of the time begins with filing a petition with the bankruptcy court.
Anyone can file a petition.
There are a few types of bankruptcies but mostly used are the one for individuals and that is why we focus an that in this article.
Businesses most of the time have their own lawyers and you will probably do not have a personal lawyer.
The two common ways to file bankruptcy are
- Chapter 7
- Chapter 13
There is a misunderstanding that a chapter 7 bankruptcy is always given. It depends on the amount of the debt in combination with the income that is available.
The court might decide that a chapter 13 is possible and rule for that and come up with a payment plan.
There are fees that have to be paid before the filing can start and those fees can only we waved in very strict situations if the income is way under the poverty level.
There must be made a list that contains
- list of creditors and the debt
- List of your income
- list of your property
- List of you monthly expenses
Filing automatically stop the collection attempts from your creditors in most cases.
After this there will be a meeting with the court where you have to be present. This is not an option.
There are cases that a chapter seven is not granted and will be converted to a chapter 13.
If a chapter seven is granted basically all debt will be whipped out and you will have a clean start.
Chapter 13 means that there will be payments made to the court and the trustee will divide these payment over the creditors.
The procedure is basically the same as for a chapter 7.
A chapter 13 means that you pay back all or part of your debts and after that also have a fresh start.
This can be the better option of you would like to keep your house and do not want to face a foreclosure and an option to keep your your car.
The procedure is about the same and you have to provide the same statements of you debts and income as in a chapter seven bankruptcy.
Like mentioned before a chapter 13 will offer you the options to keep your house and will prevent a foreclosure sale of your property.
As you can read it is very important to find the best bankruptcy lawyer in Clarksville Tennessee to help you make the best out of a bankruptcy.