At Clark & Washington Chattanooga, personal bankruptcy is our only practice. For more than 25 years, we have specialized in chapter 7, the chapter of the Bankruptcy Code that provides for the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors, and chapter 13, the chapter that allows an individual with regular income to keep property and repay debts over time in usually three to five years.
From your initial consultation to your final court hearing, Clark & Washington will provide legal services tailored to your unique financial situation and will thoroughly explain every step of the process along the way.
One of the first questions you may have if you feel overwhelmed by debt is do I qualify for bankruptcy? Bankruptcy is a legal protection that allows you to reorganize your debt through Chapter 13 bankruptcy or liquidate your debt through Chapter 7 bankruptcy. To qualify for bankruptcy, you must be able to show that your debt far exceeds your ability to pay. Your debt and income levels are the main factors in qualifying for either a reorganization or liquidation.
Filing for bankruptcy puts an immediate stop to harassing collection calls and some wage garnishments. Once you file bankruptcy, an automatic stay is issued against your creditors. They are no longer to contact you, pursue collection activity or repossess secured debt. Some wage garnishments may also be subject to the automatic stay such as garnishments arising from unsecured debt like a credit card. Garnishments arising from tax debt, alimony or child support obligations are not subject to the automatic stay.
Many people cite an impending or finalized divorce as a reason for filing bankruptcy. Whether you should file for bankruptcy prior to or after a divorce is dependent upon where you live, how much property and debt you have, and the type of bankruptcy protection you are seeking. Your Clark and Washington attorney can help you evaluate your individual circumstances and advise you on the best course of action to take.
Bankruptcy can help you restore your financial future by giving you an opportunity to start again. Life after bankruptcy gives you the ability to rebuild your credit, pay off your bills and live every day free from the burden of excessive debt.
Unsure if bankruptcy is the right path for your financial future? Our experienced lawyers provide the clarity and dedicated guidance you need to make an informed decision. Reach out today for a private, no-cost evaluation to explore your options with confidence.
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