Nashville and Middle Tennessee Debt Relief Attorney
The overriding goal in bankruptcy is to give individuals and businesses burdened by debt a fresh start. This fresh start can be accomplished through a number of ways, through either liquidation, reorganization or repayment of your debts over a period of years. Whatever kind of bankruptcy is best for your situation, you can benefit from working with an experienced bankruptcy lawyer.
The Nashville law firm of David F. Cannon has helped countless clients get the fresh start they need through the bankruptcy process. Attorney David F. Cannon is certified as a Consumer Bankruptcy Specialist by the American Board of Certification and the Tennessee Board of Continuing Legal Education and Specialization. Further, he has practiced in this field since 1991. As a result, he has the skill and experience to address every type of situation in bankruptcy.
The Bankruptcy Process
Every bankruptcy begins with the filing of a bankruptcy petition. Your bankruptcy petition will contain substantial information about your finances, including a list of your assets and liabilities, your current income, any contracts or leases you are entered into, and a statement of your finances. In every bankruptcy, once you file your petition, your creditors can no longer attempt to collect on your debts. This is called the automatic stay.
In every bankruptcy, the bankruptcy trustee plays a substantial role in administering the bankruptcy. The next steps depend on what type of bankruptcy is filed.
- In Chapter 7 bankruptcy, you usually keep your assets. Non-exempt assets are sold, and the proceeds are distributed to your creditors. Over 90 percent of Chapter 7 cases are no asset cases with no asset distribution by the trustee.
- In Chapter 13, you pay back your creditors over a three- to five-year time frame. Your unsecured creditors receive between 0-100% of what they are owed according to your ability to pay after a household budget is set. Your secured creditors get paid first and receive payments equal to the value of the secured asset usually at a lower interest rate.
- Chapter 11 bankruptcy is mostly for businesses and involves the restructuring of debt based on a plan that must be approved by the company's creditors.
Whatever type of bankruptcy is right for you, our law firm will be able to serve your interests.
Contact a Nashville Bankruptcy Lawyer at the Law Firm of David F. Cannon
Call 615-800-3725, toll free at 877-696-8680, or e-mail us today to schedule a confidential consultation with our law firm.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
