Protecting Your Assets Through A Chapter 13 Filing

For more than 20 years, I have been helping people in Knoxville and throughout Tennessee discharge their debts while keeping their assets through the Chapter 13 bankruptcy process.

As one of the only state-certified bankruptcy specialists in Knox County, clients get the legal experience and advice typically reserved for larger law firms, with the personalized client service only a boutique firm can provide.

How Chapter 13 Works

While Chapter 7 filings are often the quickest way to eliminate debt, debtors who have substantial assets, have built equity in their homes, or earn wages too high to qualify for Chapter 7 can reorganize and discharge their debts by filing a Chapter 13 bankruptcy.

Under a Chapter 13, creditors still typically receive pennies on the dollar owed. However, instead of liquidating your assets, as is done under a Chapter 7 bankruptcy, Chapter 13 reorganizes debt into a manageable repayment plan. Repayment plans typically last three to five years. After you have successfully made all of the payments, any remaining debts are discharged.

Another benefit to filing a Chapter 13 is the ability to discharge debts that survive the Chapter 7 process — such as court fees, marital property settlements, homeowners' association fees and taxes. Chapter 13 allows you to reorganize your nondischargeable debts — such as student loans — into a manageable payment plan that allows you to keep your home, your car and your other personal assets.

Businesses, meanwhile, can reorganize their debts through the Chapter 11 bankruptcy process.

Stopping Foreclosure In Maryville And Throughout The Region

As soon as your Chapter 13 bankruptcy papers are filed with the court an automatic stay will arise. Under the stay, creditors must immediately cease all current and future contact. The automatic stay will also stop any ongoing wage garnishments and prevent creditors from garnishing wages and repossessing assets in the future.

In addition, the automatic stay also halts the foreclosure process. While your foreclosure is pending, I will help you negotiate with the mortgage company to refinance your home, roll delinquent payments into the principal of your mortgage and help you reach a mutually agreed-upon payment schedule.

Contact my office to speak with a qualified lawyer. You can call me at 865-314-8062 or toll free at 800-440-6505. You can also reach me online. Initial consultations are always free.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.