Nashville and Middle Tennessee Chapter 13 Debt Options Lawyers
If you are thinking about filing for bankruptcy, it is important that you understand the potential advantages and disadvantages of each type of bankruptcy. At the Nashville-based law firm of David F. Cannon, our attorneys and staff have helped countless people across Middle Tennessee learn about their options and get the debt relief they need. Depending on your circumstances, Chapter 13 bankruptcy may be a better option for you than Chapter 7. Some of the advantages to Chapter 13 bankruptcy are as follows:
- If you own a home, a car or other property that you do not want to lose in bankruptcy, Chapter 13 bankruptcy will give you the chance to pay back these creditors. For many people, this is probably the single greatest advantage to Chapter 13 bankruptcy.
- Chapter 13 allows people who "make too much money" to get some form of debt relief. You need to pass the "means test" in order to file Chapter 7. If your income level is greater than the median income in your state, you still have the chance to file Chapter 13 and get a measure of debt relief.
- You may only have to repay the value of what you owe, not the amount you owe. In many cases, you will not have to pay certain creditors the full amount you owe. For instance, if you bought your car more than 910 days (two and a half years) from the date of your bankruptcy filing, you only have to pay the fair market value of the vehicle. In many cases, Chapter 13 bankruptcy can help you strip off a second or additional mortgage on your home.
- A Chapter 13 bankruptcy filing is not on your credit report for as long as a Chapter 7. A Chapter 13 bankruptcy filing is on your credit report for seven years, while a Chapter 7 filing is on your credit report for 10 years.
When you meet with our law firm, we will not push you into filing for bankruptcy. Rather, we will help you understand your options and help you decide whether or not bankruptcy is right for your situation.
Learn More About Tennessee Chapter 13 Bankruptcy Advantages. Call the Lawyers of David F. Cannon
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.
