Bankruptcy Representation for Clients From
Tennessee and North Georgia
If you face creditor harassment, foreclosure, garnishment and other consequences of excessive debt, it may seem like your creditors hold all the cards. Remember however, you have a powerful legal tool at your disposal which can stop your creditors while helping you achieve debt relief. That legal tool is bankruptcy.
At the Law Office of W. Thomas Bible, Jr., our lawyers have extensive experience helping clients from Chattanooga and throughout Tennessee and North Georgia file for bankruptcy. We will work with you personally to help you explore your debt relief options. If you decide bankruptcy is right for you, we will guide you through all the necessary legal steps.
Bankruptcy Solutions for Tennessee and North Georgia
We represent individuals, families and businesses in a wide range of bankruptcy matters, including:
- Chapter 7 bankruptcy offers total debt relief within six months for most people who qualify. It is a good option for people facing excessive credit card debt, medical debt and other types of unsecured debt.
- Chapter 13 bankruptcy reorganizes debt into a manageable payment plan to be paid monthly over three to five years. Chapter 13 is a good option for people who earn a steady income but have fallen behind on mortgage payments and other secured loans.
- Chapter 11 bankruptcy is bankruptcy for businesses. Chapter 11 is the financial reorganization of a business that allows the business to stay open.
- Chapter 12 bankruptcy is for family farmers or family fishermen. Chapter 12 is similar to Chapter 13 in that it allows debtors to pay a portion of their debt over a period of time.
Bankruptcy Stops Creditors
Bankruptcy in any form stops creditors from harassing you and taking action against you. Filing for bankruptcy enacts a legal injunction known as the “automatic stay.” The automatic stay stops creditors from foreclosing on your property, repossessing your car, garnishing your wages and from taking other legal actions against you. It even prevents them from calling or writing you to collect the debt. Our attorneys can help you pursue your debt relief goals while stopping your creditors from taking action against you.
How To File Bankruptcy
Depending on the Bankruptcy chapter you file, the process could look a little different.
In a Chapter 7 bankruptcy, the bankruptcy takes control of the debtor’s assets and uses them to pay off creditors (although most people who file have no qualifying assets to lose). The debtor must first take a bankruptcy means test to determine if he or she qualifies for Chapter 7. Most people who file for Chapter 7 bankruptcy have their debt discharged within six months
Chapter 13 bankruptcy: Filing for Chapter 13 bankruptcy is the first step in establishing a payment plan that lasts between three and five years. We will work with you to propose a payment plan to the bankruptcy court. You will pay back all or a portion of your debt to your creditors, through the bankruptcy trustee. In a Chapter 13 bankruptcy, the debt discharge does not occur until the payment plan is completed
Chapter 11 bankruptcy: In a Chapter 11 bankruptcy, businesses are protected from debt collection activities, while getting time to reorganize debt and restore the business to profitability. Some debt can be discharged in a Chapter 11, depending on the circumstances. The bankruptcy court must approve the debt reorganization plan
Chapter 12 bankruptcy: The Chapter 12 bankruptcy process is very similar to the Chapter 13 process, except it is designed to aid a family farmer or fisherman who is burdened by debt.