The Bankruptcy Legal Team in Murfreesboro, TN

Standing by you through bankruptcy

Do you find yourself losing sleep over how to pay your next round of bills? Are you using credit cards or second mortgages to make payments on other lines of credit? It’s a subject no one likes to discuss, even as they appear to be enjoying the finer things in life and look financially stable. In reality, this dire fiscal situation is not at all uncommon. For those who struggle for months or even years under the strain of trying to make debt payments and juggling accounts to find enough cash flow, the stress is overwhelming and feels like a heavy weight. Anyone in that position may have the option of filing for bankruptcy or entering into a debt settlement with his or her creditors in order to get a fresh start and find a way back to financial freedom. Rather than being seen as embarrassing or unacceptable, bankruptcy can be the breath of fresh air and lifting of the weight that actually enables you to improve your financial circumstances, not destroy them.

The legal team at Fraley & Laxton Attorneys at Law knows that struggling under the weight of debt or declaring bankruptcy feels lonely and isolating, especially as business partners, friends, or even family try to avoid financial association with you. Our attorneys are committed to continuing to communicate, stand by, and fight for you before, during, and after a bankruptcy declaration.

Not all types of bankruptcy have the same requirements, impact, and final results. It’s critical to understand your options and personal goals before considering bankruptcy at all. Next, you’ll need to understand the intricacies of each type of bankruptcy and what each requires from you to implement without additional legal or financial problems. Finally, no matter what type of bankruptcy filing you decide to declare, there are prescribed steps and paperwork for proceedings both in and out of court.

The bankruptcy process is anything but straightforward during an already stressful time, so you need to work closely with a legal team that has the experience of Fraley & Laxton Attorneys at Law. We have helped a number of clients go through the process and take back control of their finances, so we know Tennessee bankruptcy law in great depth. We can evaluate your current situation and discuss your options to determine if, and what kind of, bankruptcy can help you move forward with your life. Then, we’ll be able to counsel you through each step of the process and ensure legal details and forms are handled correctly.

Generally speaking, once you file for bankruptcy, an automatic “stay” is put into effect by the court. This means the harassment from creditors and collectors stops immediately. As part of the process in Tennessee, all debtors who file a bankruptcy petition will be required to complete two financial courses online or by phone to help them succeed in their future endeavors.

Chapter 7 bankruptcy overview

Filing for Chapter 7 bankruptcy is the easiest and fastest way to eliminate debt. Instead of appearing in court, proceedings  happen out of court. Chapter 7 bankruptcy allows for a fresh start with no repayment, and — often the most relieving to hear — you’ll likely be able to keep your personal property while you discharge your debts.

Chapter 13 bankruptcy overview

Those who file for Chapter 13 bankruptcy will also be allowed to keep their personal property instead of surrendering it to a bank or creditors. This type of filing is a plan that is assembled, reviewed, and approved for execution by the court system, usually specifying a time period and terms in which you pay back creditors. Depending on your individual financial situation, including child support, owed income taxes, student loans, and more, the team at Fraley & Laxton Attorneys at Law can help you understand which type of Chapter bankruptcy filing you’re most eligible for, and best prepare you for future financial freedom.

Debt settlement overview

Debt settlement isn’t actually bankruptcy; in some cases, it’s an alternate option for people with outstanding debts they are unlikely to be able to pay on time. Your creditors may favor this out-of-court option without all the legal proceedings because they can receive at least part of their balance (the amount you are actually able to afford) instead of being forced to write off the full value of your loan or balance.

For more details about how each type of proceeding works, read through the information on the following pages that outline each of these common types of financial restructuring and bankruptcy in more depth. You can also call the experienced team at Fraley & Laxton Attorneys at Law to schedule a financial consultation and see what options are best for you.

Contact our legal team at (615) 410-7290 for counsel through bankruptcy filings.