Practice Area: Bankruptcy

Is Bankruptcy Right For You?

If you have been struggling to keep up with bills and falling behind, bankruptcy could be a relief and a good solution. It would give you a fresh start financially.

Declaring bankruptcy is not an easy decision to make. In general though, if you meet any of these criteria, it could be a good option:

  • Consistently paying the minimum amount on your bills
  • Getting notices about possible mortgage foreclosure
  • Cannot see how to get out of debt within about five years
  • Have had a setback like job loss, injury or illness, or a divorce
  • You have a mortgage and other loans, such as a car loan, and would like to continue paying them to keep your property
  • You have debts that even under a Chapter 7 bankruptcy you would have to pay anyway
  • You feel that morally you would like to pay all your debts regardless of how long it takes

The Chapter 13 process is more complex than the process for Chapter 7 and you must have a reliable income along with some disposable income. Paperwork is more extensive. You must list all your debts along with other information and your court-appointed trustee will review it. Your creditors will also review it and can object if they consider it unreasonable. If it is approved, you then make set monthly payments for the timeframe agreed upon.

Sometimes a person on a Chapter 13 program will want or need to revise the plan. We can help you formulate what changes you would like and can submit them for you to the bankruptcy trustee.

Our experienced bankruptcy attorneys can help you with all aspects of a Chapter 13 bankruptcy – deadlines, forms, statements, changes, problems that might arise if you were to lose your job or come down with a serious illness.

We keep in touch with our clients and will always let you know what is happening as things proceed. You can call us with questions and be confident that you will receive an answer from a qualified bankruptcy professional.

Please call or email us today if your financial difficulties are causing you anxiety and you would like some support and legal guidance. Your consultation will be free of charge. We serve the residents of Chattanooga, Tennessee, and also nearby Georgia residents and are familiar with the bankruptcy laws of both states. You deserve a helpful friend at your side.

Bankruptcy will erase most debts. You may still be responsible for some debts, such as child support, alimony, back taxes, and most student loans. But depending on your financial situation, you could get relief by filing under either Chapter 7 or Chapter 13. Please call or email the experienced bankruptcy attorneys at Wagner & Wagner for a free analysis to determine what type of bankruptcy would be best for you.

Chapter 7 Bankruptcy

This type is also called Straight Bankruptcy or Liquidation, and it wipes out most debts. It is simpler and faster than a Chapter 13 bankruptcy. You may be able to retain certain of your assets like your car, home professional tools, books, benefit payments, and unmatured life insurance. and lose all of the other debt.

A trustee may be appointed to manage the bankruptcy process. Our bankruptcy attorneys can explain the whole process and which of your possessions you would be able to keep.

Chapter 13 Bankruptcy

This type of bankruptcy involves arrangements for paying your debts in full or in part over a period of time. Usually it is three years to a maximum of five years. There is a means test to determine how much you will be asked to repay and how long you will be given to do it. The court will look at your income compared to Tennessee's median income.