Tennessee Chapter 7 and 13 Bankruptcy Lawyers
When serious financial issues threaten to interfere with every part of your life, it may be time to think about filing for bankruptcy. The law firm of David F. Cannon is located in Nashville and represents individuals and businesses throughout Middle Tennessee. What we believe sets us apart from many attorneys is our educational approach to bankruptcy. Before we help one of our clients file bankruptcy, we help our clients understand the full range of options. The vast majority of individuals with financial problems are eligible for either Chapter 7 or Chapter 13 bankruptcy. Chapter 11 bankruptcy is also available for businesses, as well as individuals with substantial personal debt.
- Chapter 13 Bankruptcy is sometimes called a "wage-earner's" bankruptcy. Chapter 13 allows filers to pay their secured creditors while paying unsecured creditors a portion of what they are owed. This is typically a five-year payment plan, although the plan can be completed in as few as three years.
- Chapter 11 Bankruptcy applies primarily to businesses. Chapter 11 is similar to a Chapter 13 bankruptcy in that the debtor reorganizes their debts. One primary difference is that in a Chapter 11, your creditors have greater input into your repayment plan and vote to approve the plan.
- Chapter 7 Bankruptcy is often called a "fresh start" bankruptcy. In a Chapter 7 filing, all of your assets are usually exempt and you keep all your assets over 90% of the time. Rarely, nonexempt property is liquidated, or sold, to pay your creditors. After approximately 120 days, you receive a discharge of your unsecured debts. The discharge means that you are no longer responsible for paying these debts, and your creditors can no longer take action to collect on these debts. You can agree to keep paying for a house or car or other secured debt according to your ability or surrender a secured asset.
There are very real differences between each of these types of bankruptcies. We will give you the information you need to make an informed decision about what type of bankruptcy, if any, is right for you.
Learn More About the Types of Bankruptcies at the Law Firm of David F. Cannon
Call 615-800-3725, toll free at 877-696-8680, or e-mail our law firm today to schedule a consultation with our law firm.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
