Hendersonville Chapter 13 Bankruptcy Lawyer

Hendersonville Chapter 13 Bankruptcy Attorney

The weight of overwhelming consumer debt can negatively impact every aspect of your life. Harassment from debt collectors, the constant reminder of overdue bills, and the feeling that you will forever be in perpetual debt can drag down both your physical and emotional state. Fortunately, there are options available, such as bankruptcy, that can help you resolve your mounting debt. A skilled Chapter 13 bankruptcy lawyer can be an invaluable resource if you qualify.

The Kerney Law Firm team has a strong devotion to our Sumner County community. To better support members of our community in seeking overwhelming debt solutions, we focus strictly on bankruptcy cases.  Many clients wonder whether they even qualify for bankruptcy. We can help you evaluate when filing bankruptcy may be necessary and guide you toward the best solution. We have worked diligently to become a trusted bankruptcy resource in the Hendersonville area and will use our experience to help you reach a better financial future through bankruptcy.

Using Bankruptcy to Your Advantage

It is not uncommon for people to view bankruptcy unfavorably; there is a stigma attached that can make people feel like a failure for even considering it as an option. It is crucial to understand that bankruptcy is simply a legal tool that can help Americans take back control of their finances.

Filing for bankruptcy can provide a much-needed reset. In fact, bankruptcy offers a fresh financial start for many struggling families. In 2023 alone, there were 7,785 Chapter 7 bankruptcy filings and 11,756 Chapter 13 bankruptcy filings in Tennessee. Each of these cases reflects an individual or couple who looked at their debt load and decided to find a solution. A skilled Hendersonville bankruptcy lawyer can help you take control and use the resources available to you.

Chapter 13 Bankruptcy in Tennessee

In Hendersonville, TN You have several choices when considering consumer debt bankruptcy, each with its own benefits and limitations. Making the right choice for you and your family is vital for a favorable outcome. Chapter 13 bankruptcy, or a wage earner bankruptcy, allows filers with regular incomes to develop a payment plan for a portion of their debts.

The amount you will pay is determined by a reasonable monthly budget and your income. The payment plan will continue for a period typically between three and five years. Once the specified period has ended, the remaining unpaid debt is discharged. One key advantage of Chapter 13 is that you may be able to include certain debts—such as catching up on missed mortgage payments—in your repayment plan, helping you avoid foreclosure.

Advantages of Chapter 13 bankruptcy include:

• Reduced upfront costs. Bankruptcy attorney fees, filing fees, and other costs associated with the bankruptcy are wrapped into the payment plan instead of being paid upfront.
• Retained assets. Filers of Chapter 13 bankruptcy are able to retain their assets because the debts can be paid over a longer period instead of being resolved during the bankruptcy process, such as with a Chapter 7 bankruptcy. A primary home may also be saved from foreclosure, as back mortgage payments can be included in the payment plan.
• Appointed trustee. The filer makes a single payment to a Chapter 13 trustee. It is the trustee’s job to distribute the payments to creditors. This means there is no direct contact between the bankruptcy filer and their creditors.
• Creditor stays. Creditors are mandated to stop collection actions after you file a Chapter 13 bankruptcy.

Your Financial Future

Though the rate of bankruptcies decreased from 2019 to 2022, there was a 16.8% increase from 2022 to 2023. Bankruptcies continue to be viable solutions for Americans to resolve their debt issues and build a more financially stable future. If you are exploring Chapter 13 bankruptcy, our legal team can help explain how repayment plans are structured and ensure your filing is handled properly.

If you are facing a high debt load you cannot resolve on your own, Kerney Law Firm may be able to help you file Chapter 13 bankruptcy. If you have questions about a Chapter 13 bankruptcy, contact our team for a thorough consultation.

Hendersonville Chapter 13 Bankruptcy Resources

• What Is the Difference Between Chapter 7 and 13 Bankruptcy?
• Can a Bankruptcy Help If I Am Behind on My Mortgage?
• Understanding the Automatic Stay in Bankruptcy
• Key Elements Affecting Tax Refunds During Bankruptcy
• How Does Bankruptcy Work in Tennessee?