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
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
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.
To File a Bankruptcy, you need to prepare the appropriate forms and take them to the nearest bankruptcy court clerk. Afterwards, if you want to achieve your discharge, you will need to fulfill all your duties.
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.
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.
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.
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
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
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.