Chattanooga Bankruptcy Attorneys Explain Filing for Chapter 13
Helping clients throughout Tennessee obtain relief from their debts
Are you trying to pay off your debts, but just can’t seem to make a serious dent in what you owe? Would you like to pay down your credit card or mortgage, but you can’t make more than the minimum payment right now? If your family is struggling with debt, the experienced Chattanooga bankruptcy attorneys of Wagner & Wagner Attorneys at Law can help you figure out if Chapter 13 bankruptcy is the best choice for your financial future.
Chapter 7 vs. Chapter 13: which is best?
The simplest form of bankruptcy is called a Chapter 7 bankruptcy or liquidation, which usually goes relatively quickly. A Chapter 13 bankruptcy, also called a “Consumer Debt Adjustment,” is a more long-term plan that typically takes three to five years to conclude. The most important difference is that Chapter 13 bankruptcy is for people who can continue to make some payments, but can’t pay off their entire debt burden.
If for some reason the bankruptcy judge does not approve your Chapter 13 petition, we will work with you to modify the plan or convert your case to a Chapter 7 bankruptcy. We can also help you switch to a Chapter 7 liquidation if you are having trouble making the payments on a previous Chapter 13 bankruptcy plan.
How filing for Chapter 13 bankruptcy can help you take hold of your debt
Are you ready to stop harassment from creditors and make a plan to pay your debts on your own terms? Wagner & Wagner will help you get together the financial documentation you need to file your Chapter 13 bankruptcy petition in US Bankruptcy Court.
Our Tennessee bankruptcy lawyers will work with you to create a Chapter 13 bankruptcy petition, which is essentially a plan to make payments on your debts over the next few years. You may pay down your debt either in whole or in part, and any debt left over after you complete your Chapter 13 bankruptcy plan will be discharged. If you are married, you can file for Chapter 13 bankruptcy jointly or as an individual, but businesses may not file for Chapter 13 bankruptcy.
When you file your Chapter 13 bankruptcy petition, the court will put an “automatic stay” into effect, which basically stops your creditors from taking action against you to collect your debt. This stay can help you prevent a foreclosure as well, but stopping a foreclosure can be a complex issue. The bankruptcy attorneys of Wagner & Wagner have the training and experience to help you prevent the bank from foreclosing on your home if possible.
Discover the benefits of filing for Chapter 13 bankruptcy
To find out more about how you can stop creditor harassment and get your finances in order with Chapter 13 bankruptcy, please contact Wagner & Wagner, or call us at 423-799-3532. We are a Chattanooga bankruptcy law firm serving families across Tennessee and in North Georgia, and in the surrounding areas.