& Walker, PLC.
Bankruptcy Law to
What is bankruptcy?
Bankruptcy is a legal procedure designed to help individuals who have much more debt than they are able to manage. Although the majority of America suffers hardship from various debts, bankruptcy is designed for those individuals that are either extremely overwhelmed by their debts, or are unable to pay their debts altogether. The majority of the individuals that we have helped walk through bankruptcy have filed bankruptcy due to some financial hardship that resulted from unexpected life incidents such as divorce, job loss, illness, injury, disability, or medical bills.
In the bankruptcy process, the court analyzes your debts, income, assets, and expenses in order to develop the best plan in order help resolve the conflict between you and your creditors. Through this process, most individuals are able to satisfy their debts without paying the entirety of what they owed. This allows individuals a way to get back on their feet without having to worry about the immense debt that they were once obligated to pay. In addition, in the bankruptcy process, the court issues an order to creditors to stop their attempts to collect money from you for your debts. That way, individuals will no longer have to deal with the burden of outstanding bills and collection calls.
What types of bankruptcy are there?
Although there are several different forms of bankruptcy, most individuals have the option to file only two: Chapter 7 and Chapter 13.
Chapter 7 bankruptcy is the most common form of bankruptcy. In Chapter 7 bankruptcy, most of an individual’s debts are satisfied at the end of the process. However, in order to satisfy a portion of the outstanding debt, an individual must give up many of their possessions in order that they may be sold. There are certain possessions that are not allowed to be sold in order to satisfy the demands of bankruptcy; these possessions are referred to as being exempt. Some possessions that are normally classified as exempt are an individuals primary house, their primary vehicle, and other possessions that are deemed as necessities. Many of the debts that can be satisfied through Chapter 7 bankruptcy include credit card debt, medical bills, bank loans, payday loans, and check cash loans. However, there are some debts that cannot be resolved by Chapter 7 bankruptcy, such as student loans, IRS taxes, fines, child support, and alimony.
Chapter 13 bankruptcy is not as common as Chapter 7 bankruptcy. In many ways, Chapter 13 bankruptcy a milder bankruptcy than Chapter 7. Chapter 13 bankruptcy works primarily by restructuring your debts so that you can continue to pay them off in a way that is both simpler and more feasible. Because you are still paying off your debts, Chapter 13 allows an individual to keep more, if not all of their possessions. In Chapter 13, an individual’s income, debts, assets, and expenses are assessed in order to find a feasible payment plan in which the individual can satisfy their debts. The term of this payment plan is anywhere from 36-60 months in length. At the end of this payment plan, if all payments have been made satisfactorily, than many of the debts that are still left unsatisfied will be declared satisfied. Like Chapter 7, Chapter 13 Bankruptcy also stops creditors from attempting to collect their debts from you during both the procedure and the term of the payment plan
Am I qualified to file for bankruptcy?
As stated earlier, bankruptcy is designed for individuals who are experiencing an extreme amount of hardship from their debts. Therefore, there are parameters in place in order to determine whether a given form of bankruptcy is appropriate for each individual. Different factors such as an individual’s assets, expenses, income, and outstanding debts all play a key role in understanding whether or not a plea for bankruptcy will be accepted by the court.
What are the benefits of hiring a bankruptcy lawyer?
The bankruptcy process can be a lengthy and stressful process. There are many different facets to the bankruptcy proceedings in order to have a successful case. Due to this fact, it is not surprising that nearly all bankruptcy cases have a lawyer involved. Below is a list of several key benefits that you can expect a lawyer to help with:
- A lawyer is able to help you understand whether or not you might be an eligible candidate for bankruptcy.
- A lawyer is able to help you understand which of your debts bankruptcy might help you remove, and which debts bankruptcy cannot help with.
- A lawyer can help you make the best decision about whether or not you should file bankruptcy, as well as which type of bankruptcy might be most beneficial for your particular situation.
- In a Chapter 7 bankruptcy, a lawyer can help you understand which of your possessions you might have to give up and which ones you might be able to keep if you decide to file.
- In a Chapter 13 bankruptcy, a lawyer can work with you to analyze your expenses, income, debts, and assets in order to establish a payment plan that is both feasible for you and most likely to be approved by the court.
- A lawyer will help you by filing the appropriate paperwork and ensuring that it is correctly filled out.
- A lawyer will help you understand the bankruptcy process and walk with you through it so that you thoroughly understand what is going to happen, what is expected of you, and what you should expect from the process.
Why should I choose Walker Law for my bankruptcy?
While we believe there are several reasons you might want to choose Walker Law to help you walk through bankruptcy, we believe that our experience speaks above the rest. Unlike other law firms, Walker Law is focused specifically on bankruptcy law. By focusing our efforts on bankruptcy law, we ensure that we are able to provide our customers with the best support as we walk with you through your bankruptcy. In addition, our firm has performed over 20,000 bankruptcy cases and has been practicing for over 30 years. Therefore, we feel highly confident that we are able to guide you through the bankruptcy process with the experience and expertise you need in a bankruptcy attorney.
We also believe that we have a unique advantage to the residents of West Tennessee over other bankruptcy firms due to our location. Many other bankruptcy firms simply have lawyers that are able to remote to the area in order to help with specific bankruptcy cases. At Walker Law, we have 3 different offices placed across West Tennessee in order to provide the face-to-face personalized service that customers truly need from a bankruptcy attorney. In addition, all of the attorneys at Walker Law are natives of West Tennessee.
At Walker Law, we would love to have the opportunity to provide you with the professional and local service that you are looking for. Please give us a call today for a free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.