Tennessee Bankruptcy Chapter 13 Restructuring Attorneys
While Chapter 7 bankruptcy will completely eliminate your dischargeable debts, it is not right for every person in dire financial straits. For instance, if you own a home or if your vehicle is paid off, you could lose this valuable property if you file Chapter 7. An alternative solution may be Chapter 13 bankruptcy.
Chapter 13 bankruptcy allows you to consolidate your debts and pay them back over a three- to five-year period. In many cases, homeowners in foreclosure seek the protections of Chapter 13. Chapter 13 is more complex than Chapter 7, and an experienced, skilled bankruptcy lawyer can make certain you are protected throughout the legal process.
Attorney David F. Cannon of the law firm of David F. Cannon has filed thousands of bankruptcies on behalf of individuals and businesses throughout Nashville and surrounding areas of Tennessee. A cornerstone of our firm's representation is that we are strong counselors and educators. We will show you how Chapter 13 works and how you may benefit from its provisions.
There are potentially a number of advantages to Chapter 13. For instance, you may be able to restructure your debts and obtain a lower interest rate. If the value of your home has decreased, you may be able to strip off a second mortgage in bankruptcy.
In order to be eligible for Chapter 13, the most important qualification is that you have a reliable source of income. In Chapter 13, you pay your priority creditors such as the IRS or child support in full. You make monthly payments to keep secured assets such as your home or a car and pay your unsecured creditors a portion of what they are owed. The specifics of your plan will be confirmed in the Chapter 13 plan and confirmation hearing. If you complete your payment plan, you will receive a discharge of any remaining debts. Chapter 13 is flexible. If you find you are unable to make your payments, you may be able to modify your plan or convert your bankruptcy to a Chapter 7.
Contact a Nashville Chapter 13 Bankruptcy Attorney at the Law Firm of David F. Cannon
Our law firm will help you learn about Chapter 13 bankruptcy and whether it can help you resolve your debt problems. Call 615-800-3725, toll free at 877-696-8680, or e-mail our law firm today to schedule a confidential consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
