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Make a Plan to File for Bankruptcy
Get Advice From A Top Bankruptcy Lawer In Knoxville, TN
Filing for bankruptcy is a confusing process. That's why you need reliable legal representation on your side. Woodside Law is a Bankruptcy Law Firm in Knoxville, TN. Patrick Woodside is a skilled Chapter 7 bankruptcy attorney who knows the ins and outs of Tennessee law. You'll get sound advice and consistent support when you work with him.
View the answers to our frequently asked questions about bankruptcy law below.
What Is Chapter 7 Bankruptcy?
Chapter 7 Bankruptcy is a legal process that helps individuals eliminate most of their unsecured debts and get a fresh financial start. It's the most common type of personal bankruptcy filing in the United States. The primary goal of Chapter 7 is to have eligible debts discharged by the court, meaning you are no longer legally obligated to repay them. Common debts that can be discharged include credit card balances, medical bills, personal loans, and old utility bills.
What Is The Difference Between Secured And Unsecured Debt?
Secured debt is debt that is backed by collateral. This is property that the lenders can seize if you don't pay off your debt. Unsecured debt doesn't have any collateral protecting it and is often issued based on the credit of the borrower.
What Is A Bankruptcy Trustee?
A bankruptcy trustee is a court-appointed official who oversees the bankruptcy estate.
What Is The Difference Between Individual And Joint Bankruptcy Filing?
An individual filing will only go on one person's credit history and only forgive their debts. Meanwhile, a joint filing is when a married couple files in both spouse's names. However, both spoouse are NOT required to file bankruptcy.
How Are Debtor, Co-debtor, And Creditor Defined In Chapter 7 Bankruptcy?
- A Debtor is someone who owes money for an outstanding debt. Debtor also describes someone who files for bankruptcy relief.
- A Co-debtor is responsible for a debt along with you. For example, if your Aunt cosigned a loan, your aunt would be the codebtor on the loan. As Co-debtors, you'd both be responsible for paying off the obligation.
- A Creditor is the business or person to which the Debtor owes money.
Can I Own Anything After Bankruptcy?
Yes. You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after your bankruptcy, that money or property may have to be paid to your creditors if the property or money is not exempt.
Will My Utility Services Be Affected?
Public utilities, such as the electric company, cannot refuse or cut off service because you have filed for bankruptcy. However, the utility can require a deposit for future service and you do have to pay bills which arise after your bankruptcy is filed.
Can Bankruptcy Help Get My Tennessee Driver's License Back?
If you lost your license solely because you couldn't pay court-ordered damages caused in an accident, bankruptcy may allow you to get your license back.
How Long After Filing Bankruptcy Will The Creditors Stop Calling And Harrassing Me?
Once a creditor or bill collector becomes aware of a filing for bankruptcy protection, it must immediately stop all collection efforts. After you file the bankruptcy petition, the court mails a notice to all the creditors listed in your bankruptcy schedules. This usually takes a couple of weeks. Creditors will also stop calling if you inform them that you filed the bankruptcy petition, and supply them with your case number. In some cases, you or your attorney should contact the creditor immediately upon filing the bankruptcy petition, especially if a lawsuit is pending. If a creditor continues to use collection tactics once informed of the bankruptcy they may be liable for court sanctions and attorney fees for this conduct.
Schedule a free consultation with Woodside Law today to discuss your Bankruptcy options.
