Bankruptcy Law

Why live in debt? Filing for bankruptcy might sound a little scary at first, but when you file for bankruptcy it can actually help you discard your debt or help you create a plan to repay it. North Knoxville Attorneys offer a stress-free experience when you partner with us to handle your Chapter 7 or Chapter 13 bankruptcy case. 

Chapter 7 Bankruptcy is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. It is often referred to as liquidation or a “straight bankruptcy.” The purpose of filing a chapter 7 is to obtain a discharge of your existing debts. Most debts are considered dischargeable. However, there are certain debts that are not dischargeable. These include most taxes, student loans, domestic support obligations, and criminal restitution obligations.

Chapter 13 bankruptcy was devised for individuals with regular income who would like to repay all or part of their existing debt over a period of time. A chapter 13 plan is filed with the court in which we outline a plan to repay your creditors all or part of the money that is owed to them using your earnings in the future. The plan generally runs for five years at the end of which all your unsecured debts are discharged.