Planning for Bankruptcy
Knoxville attorney reviews clients’ circumstances and offers sound guidance
Like any other important decision, choosing to seek bankruptcy protection should be the result of careful planning. Details that might not seem important at first could be the difference between a successful resolution and money troubles that continue even after the bankruptcy is completed. At William E. Maddox, Jr. LLC, Attorney at Law in Knoxville, clients can rely on my 25 years of legal experience when they are making critical choices about their financial future. I work with East Tennessee residents to prepare comprehensive bankruptcy plans that maximize the benefit they receive from this powerful legal tool. No matter how complex or dire your money problems might seem, my firm will explain the relevant laws and develop a thoughtful strategy tailored to your situation and needs.
Important points to consider before you file for bankruptcy
From your first meeting, my firm makes sure that you have all of the information you need to make decisions with confidence. As part of planning for bankruptcy, I will discuss key issues, such as:
- When to file — Bankruptcy is a process designed to help debtors deal with their existing obligations so that they can make a fresh start. It does not provide relief for debts that you might incur in the future or even while the proceeding is pending. So before you file, it’s wise to take an honest look at your financial situation and assess if you expect significant bills in the near future. For example, medical costs might have pushed you toward bankruptcy, but if you believe that there are still some large bills to come, you might want to start the process after they arrive.
- Exemptions — Many people misunderstand the scope of bankruptcy. Not every debt will be discharged during a Chapter 7 proceeding, and if the bulk of what you owe is from student loans, taxes, back child support or other debts not eligible for bankruptcy protection, you might want to evaluate alternatives. Likewise, before you file, you should understand what property you can preserve under Tennessee’s bankruptcy exemptions. My firm can look at your particular circumstances and provide an informed assessment of what you can expect.
- Budgeting — A Chapter 13 repayment plan is a court-imposed schedule under which a bankruptcy filer satisfies their obligations over a period lasting anywhere from three to five years. Whether you’re seeking this type of relief or looking to eliminate nonexempt debts under Chapter 7, it’s important to plot what your income and regular expenses will be after your bankruptcy is finalized. If you are unsure about the effect a bankruptcy will have on your credit going forward, I can help.
Starting bankruptcy with a solid plan increases the likelihood that you will secure the short-term relief you need and establish long-term financial solvency.
Contact a knowledgeable Tennessee bankruptcy attorney to set up a free consultation
William E. Maddox, Jr. LLC, Attorney at Law assists East Tennessee clients who are planning to file for bankruptcy. Please call 865-672-8496 or contact me online for a free initial consultation at my Knoxville office.