Knoxville Bankruptcy Lawyer Helps Clients Make Financial Restarts
Skillful Tennessee attorney handles personal and business bankruptcy filings
Despite how difficult your money troubles might seem, choosing to file for bankruptcy could be the decision that leads to lasting, positive change. At the Knoxville-based firm of William E. Maddox, Jr. LLC, Attorney at Law, I am an attorney with more than 25 years of experience representing Tennessee clients. You do not even have to come into the office to get started. In a free phone conversation or video chat, you’ll hear how simple and effective bankruptcy can be with the guidance of a qualified attorney.
Firm represents parties in proceedings under Chapters 7, 11 and 13
If your personal financial burden can no longer be managed without help, my firm provides practical counsel on various debt relief methods, including:
- Chapter 7 debt discharge — Through Chapter 7 bankruptcy, a person can eliminate nonexempt debts so that they can live without the burden of high credit card balances and other dischargeable obligations. I’ll make sure you understand the benefits and potential consequences of using this powerful tool to make a financial fresh start.
- Chapter 13 court-managed repayment — Sometimes referred to as the “wage earner’s plan,” Chapter 13 bankruptcy might be the right solution for people who have consistent income but cannot catch up on the bills they owe. By seeking this type of relief, debtors can stop contact from creditors and submit a plan by which their debts can be repaid over a period of between three and five years. This allows filers to retain their home and revise debt terms in a manner that is consistent with their income and needs.
- Other debt relief options — Bankruptcy is a powerful legal tool that millions of people use to a tackle overwhelming debt problems. However, there are alternatives for people who are being targeted by creditors. After going over the bankruptcy process and the potential impact on your credit going forward, you might opt to negotiate with those you owe in order to establish more manageable repayment terms. I advise clients on mortgage modifications to help avoid foreclosure and handle other types of debt relief discussions to reach fair solutions with creditors.
Regardless of whether you’re ready to start bankruptcy now or have questions about how to move ahead, my firm will answer your questions and make every legal effort to secure the best result possible.
Accomplished advocate assists with business bankruptcy solutions
Running a business is a serious challenge, and a sudden shift in the market can lead a business to fall behind on its bills. In these cases, companies frequently opt to overcome their debt problem while keeping the doors open. During Chapter 11 bankruptcies, I work diligently to restructure existing debt terms, offer advice on beneficial internal changes and look to persuade creditors that reorganization plans should be approved. My firm also assists businesses that are seeking Chapter 7 protection as they close operations down and liquidate assets.
Secured versus unsecured debt
Debt largely falls into two general categories, and you should have an understanding of the difference before you decide what action to take. Most types of unsecured debt, such as credit card bills and unpaid medical expenses, can be discharged in bankruptcy. However, there are special rules that compel the payment of student loan obligations, taxes and back child support. Secured debt is used to describe home mortgages, car loans and other arrangements where the lender or creditor has the right to take ownership of specific property if required payments are not made.
Contact a dedicated Tennessee bankruptcy lawyer for a free initial consultation
William E. Maddox, Jr. LLC, Attorney at Law advocates on behalf of Tennessee clients in bankruptcy actions and other types of debt relief matters. Please call 865-672-8496 or contact me online to schedule a free consultation at my Knoxville office.