Frequently Asked Questions
Yes. Filing a Chapter 13 bankruptcy gives you the right to stop a pending foreclosure and set up a plan to get caught up on and pay your mortgage. Filing a Chapter 7 can also temporarily stop a foreclosure
Read more
Yes. Filing bankruptcy stops all attempts to collect a debt and this includes lawsuits. However, not all court proceedings are stopped by filing bankruptcy. For instance, divorce, child custody, and criminal cases are not stopped
Read more
Yes. Filing bankruptcy stops all attempts to collect a debt and this includes active wage garnishments.
Read more
Yes. filing a bankruptcy stop any attempt to collect a debt and this includes repossessions. Also if you file Chapter 13, you can propose a plan to get your vehicle current and not have to surrender it to your secured creditor.
Read more
Filing a bankruptcy can have an immediate negative impact on your credit since a Chapter 7 stays on your credit for 10 years and a Chapter 13 stays on your credit for 13 years. However, removing personal liability on your debts can have a long term improvement and help you rehabilitate your credit.
Read more
Maybe. Whether you qualify for a Chapter 7 depends on your income and whether you had any previous Chapter 7 filings. If you make too much income you may not qualify. If you had a previous Chapter 7 Bankruptcy in the last 8 years you cannot receive another Chapter 7 discharge.
Read more
Probably not. In Tennessee you can exempt up to $20,000 worth of personal property (cash, cars, goods) and up to $50,000 worth of equity in your house depending on ownership and dependents. Therefore if all your assets are covered by exemptions, you are not at risk of losing property by filing.
Read more
No. Although there is no minimum to file, whether you should file depends on the type of debt and how much debt you have.
Read more
The amount you pay back in a Chapter 13 Bankruptcy depends on your income, expenses, and assets. You are only required to pay back the greater of your disposable income or the value of your assets.
Read more
Yes. The goal of the Chapter 13 is to allow the debtor to keep all his property by making regular payments to creditors over.a 3 to 5 year plan.
Read more
Yes. Although you generally cannot acquire new debt, you can finance a new car if you submit an application with the Chapter 13 trustee and the bankruptcy court and it gets approved for good cause.
Read more
Yes. Chapter 13 allows the debtor to file a plan that pays the mortgage and catches up on any mortgage arrearage. Once caught up, the trustee or debtor will file a motion deeming the mortgage current, and the mortgage holder will be unable to foreclosure on the property
Read more
Yes. If your car was recently repossessed, you can recover your vehicle by filing Chapter 13 and proposing a plan that required the creditor to release the vehicle back to you
Read more
Yes. All personal liability for medical bills from services rendered prior to filing bankruptcy are discharged.
Read more
Sometimes. If you have filed your taxes timely, then taxes owed that are more than 4 years old are discharged. Recent taxes are not discharged.
Read more
Generally no. There are limited exceptions for when student loans result in a hardship or when private student loans are not for qualified education purposes.
Read more
No. You are not required to have an attorney if you want to file bankruptcy. You can file pro se (without an attorney). However, the process can be time-consuming and complex an the help of a bankruptcy lawyer is advisable
Read more
The Chapter 7 filing fee costs $335 in Tennessee and the Chapter 13 filing fee is $310. You must also pay for expenses to take a credit counseling course and to print the forms and documents required for filing. If you need help filing bankruptcy, the usual attorney fees for a Chapter 7 range between $800-$2,000 and for Chapter 13 between $500-$1,500.
Read more
Do you have any other questions? Let us know
Bankruptcy law can be complicated. There are many issues that arise in the filing of a bankruptcy. If you need help filing bankruptcy, or need to schedule a free consultation from an affordable bankruptcy lawyer in Elizabethton, Johnson City, or surrounding areas in Northeast Tennessee, let me know.
