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Bankruptcy Attorneys in Nashville

When debt becomes overwhelming, it can strain you and your family, impacting not just your finances but your mental health and personal relationships. The stress of mounting bills, constant collection calls, or the threat of losing one's home can be paralyzing. Seeking solutions during these troubling times is not just about financial relief; it's about reclaiming peace of mind and looking forward to a future free from the anxiety of insurmountable debt.

At Flexer Law, we know that filing for bankruptcy can feel scary and overwhelming. To offset this uncertainty, you must gather as much information as possible about the process. Different options are available, and knowing what questions to ask will help you in the long run. 

An abundance of information about bankruptcy is available online. However, misinformation that can be harmful is there as well. When researching, it is best to proceed with caution and seek the help of a professional. If you have concerns about the cost of hiring a bankruptcy attorney, take advantage of the free consultation we offer to learn your options. Knowledge is empowering.

Schedule a free initial consultation with a bankruptcy lawyer in Nashville by contacting us online or at (615) 805-6374

Bankruptcy Overview

Bankruptcy is a legal process provided by state and federal laws to help people who cannot repay their debts get a fresh start. This process involves a court case where you prove you cannot pay your debts and, as a result, either eliminate or repay them under the protection of the bankruptcy court.

The process involves a judge and court trustee. During the proceeding, they examine your assets and liabilities as a person or business that cannot continue to pay. The proceeding ends with deciding whether to discharge debts so you are no longer legally obligated to pay them.

Bankruptcy laws exist to give people and businesses with excessive financial burdens an opportunity to start over. Under certain circumstances, filing for bankruptcy is the best financial move.

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Filing for Bankruptcy: The Automatic Stay

Filing for bankruptcy lets you pay down portions of debt over time or eliminate certain debts altogether. The first bit of relief comes in the form of an automatic stay, a court order that goes into effect when a petition is filed.

An automatic stay stops your debts, with certain exceptions, by preventing creditors from collecting payments. While the automatic stay is in place, wages cannot be garnished, money cannot be deducted from your bank account, and secured assets cannot be pursued. It also prevents most legal repercussions, repossessions, foreclosures, evictions, and utility shut-offs.

You may be entitled to keep or protect certain assets from the trustee or a creditor based on applicable state or federal exemptions. Consult with one of our knowledgeable attorneys to learn about which of your assets fall under the protection of Tennessee bankruptcy exemptions.

Types of Bankruptcies for Individuals

In the United States, two types of bankruptcies are available to individuals. Knowing which bankruptcy type is most appropriate for your circumstances depends on your assets, liabilities, and ability to make future payments. 

The two types of consumer bankruptcy are: 

Chapter 7 bankruptcy discharges certain debts without the burden of repayment, while Chapter 13 bankruptcy requires a debt repayment plan that takes place over years. The type of bankruptcy you qualify for is determined by income and other factors.

The Benefits of Bankruptcy

Bankruptcy can offer a financial reprieve and several undeniable benefits, including:

  • Immediate relief through automatic stay: Bankruptcy petitions trigger an automatic stay that stops most collection efforts, lawsuits, and foreclosures, offering a break from creditor harassment.
  • Discharge of debts: Offers the opportunity to discharge eligible unsecured debts, providing a clean slate and freeing you from substantial financial obligations.
  • Retention of essential assets: Various exemptions allow you to keep necessary assets like a home or car, so you do not have to start over from nothing.
  • Stops wage garnishments: Bankruptcy stops wage garnishment, allowing you to manage your income for essential living expenses.
  • Avoidance of lien and levy actions: Filing for bankruptcy can prevent or temporarily halt tax liens and levies on your property, providing time to resolve tax debts.
  • Improved credit over the long term: Filing for bankruptcy can be the first step in rebuilding a stronger credit profile by removing overwhelming debt that otherwise hinders credit recovery.
  • Mental and emotional relief: Reduces the daily anxiety and stress associated with unmanageable debt, improving mental and emotional well-being.
  • No more creditor litigation: Eliminates the anxiety and legal fees associated with fighting creditor lawsuits.
  • Focused repayment plans: Chapter 13 provides a structured repayment plan tailored to your income, making debts manageable.
  • Stability for the future: Offers a pathway to financial stability and the ability to plan for the future without the burden of insurmountable debt.

How to Determine if Bankruptcy Is Right for You

The best way to learn if bankruptcy is your best option is to speak with one of our experienced bankruptcy lawyers. The attorney you work with at Flexer Law can explain the benefits and potential disadvantages of filing for Chapter 7 or Chapter 13 based on your unique situation.

If you decide to file for bankruptcy, our role is to make the process as low-stress as possible. We will assist you in filling out all of the paperwork, appear in court with you, and remind you of all the deadlines in your case. Our friendly staff is always here to answer any questions; we’re just a phone call away.

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