Through the years, Congress has passed various federal laws allowing consumers and business owners to discharge certain consumer debts.
Many individuals drowning in unsecured credit card debt, car loans or feeling the stress of an underwater mortgage have found substantial relief by filing for bankruptcy.
In Tennessee, many consumers opt to discharge their debts through Chapter 7 or Chapter 13 bankruptcy.
More About Chapter 7 Bankruptcy
Chapter 7 bankruptcy is ideal for individuals with a significantly high amount of unsecured debt, like medical bills or credit card balances. With a Chapter 7 bankruptcy, consumers can receive a discharge (an elimination) of these types of debts in as little as 90 days, allowing them a “fresh financial start.”
If you wish to learn more about erasing your outstanding credit card debt or eligibility requirements for filing Chapter 7 bankruptcy, we invite you to reach out to one of our experienced attorneys at Bulloch, Fly, Hornsby & Evans PLLC Attorneys at Law today.
An Alternative: Chapter 13 Bankruptcy
Chapter 13 bankruptcy is an option for individuals who:
- Are ineligible to file for Chapter 7 due to income limits
- Are looking to avoid foreclosure
- Simply want to stop interest accrual on their outstanding debt
Under Chapter 13, individuals can opt reorganize their debt and make regular, monthly payments to creditors over a 3 to 5 year period. After the period expires, certain debt is discharged forever.
Benefits Of Both Bankruptcy Options
With both options, an automatic stay immediately takes effect. This means that as soon as your case is filed, a creditor cannot call or try to reach you in any way or take adverse action to collect on the debt.
Learn More About Your Options And The Process Today
Schedule an appointment today with one of our bankruptcy lawyers at our office in Murfreesboro to begin your journey down the path of financial relief. Call or send our firm an email.
We are a debt relief agency and help people file for bankruptcy under the bankruptcy code.