Bankruptcy

How do I deal with my mortgage company when facing foreclosure or bankruptcy?

If your house is at risk of foreclosure or is currently being foreclosed on, take immediate action. You may still have time to save your home. It is important that action take place to stop the foreclosure before the advertised sale date.

Filing a bankruptcy will immediately halt the foreclosure process. Tennessee is a non-judicial foreclosure state meaning a house can be sold by foreclosure without any court action being taken. If a bankruptcy is not filed in time, the sale can take place on the courthouse steps with just a notice in the newspaper. Don’t take chances with losing your home. Call us for an early appointment to consider your options.

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Who should consider bankruptcy?

Our firm has been representing individuals and commercial clients in bankruptcy cases, for more than 20 years. We specialize in in offering our clients high quality representation for Chapter 7 Bankruptcy or a Chapter 13 bankruptcy, depending on their specific needs. Because our firm practices exclusively bankruptcy law and any related legal issues, we are qualified to manage all our clients’ needs in bankruptcy from the simple cases to the most complex cases.

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If I have previously filed for bankruptcy am I eligible to file again now?

A prior Chapter 7 bankruptcy discharge prevents another Chapter 7 case for 8 years from the date of the first case filing.  A prior Chapter 13 discharge prevents a Chapter 7 case for 6 years unless the case repaid 70% of the debt and was filed in good faith.  A prior Chapter 13 Discharge prevents another

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How do I know if I can file for Chapter 7?

Law changes in 2005 created a “Means Test” as a method of determining who is eligible to file for Chapter 7 relief.  Households with too much income or too little allowed expenses will not be eligible.  The “Means Test” uses the past 6 months of household income to determine the average income (called “Current Monthly

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Will a bankruptcy hurt the credit of my cosigner?

Cosigned loans may be repaid after a Chapter 7 is completed so the cosigner’s credit is not damaged. Often the loan will be left solely in the name of the cosigner and payment arrangements are made informally between the cosigner and the person filing bankruptcy so that the payments are made on time. The bankruptcy

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Can I lose my home, my car, or my furniture if I file bankruptcy?

Bankruptcy law allows you to keep items that are paid for such as furniture and personal belongings as long as the total resale value of those items is within the allowed amount of exempt property. This limit is $10,000.00 per person or $20,000.00 per married couple filing jointly. Additional property may be kept for specific

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Are there any debts which I cannot discharge through bankruptcy?

Certain types of debts are not subject to discharge. Debts arising from alimony or child support, debts for fines or restitution for a crime, and a claim for personal injury caused by drunk driving are not discharged under bankruptcy. Most taxes and student loans also are not discharged. Under a Chapter 7 the following debts

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What happens to a garnishment or a creditor’s lawsuit once I file bankruptcy?

Immediately upon the filing of the bankruptcy petition, all creditors must stop any collections against you. The Bankruptcy Court issues what is called an “automatic stay. ” This means that by order of the Bankruptcy Court all garnishments must cease and creditors may not take any further action on any lawsuit pending against you. The

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