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    3.  — How Does Bankruptcy Work?

Helping You Understand Bankruptcy

One of the issues that can create hesitancy and prevent people from taking advantage of the help that bankruptcy can provide is not knowing how the process works. People often have many misconceptions. Gaining even a basic understanding of the process can help people feel more comfortable taking the first steps toward securing the debt relief that they deserve.

Meeting With Your Lawyer

To make the most use of your meeting with a bankruptcy attorney, you should prepare. This generally means gathering relevant information such as financial information, mortgage paperwork, deeds, letters from creditors and any other information you feel will be helpful to determine what is the best path to securing relief from difficult debt.

Once all necessary information has been gathered and a path forward has been chosen, we can draft your petition for bankruptcy and file it with the court. One of the immediate benefits that everyone appreciates is the automatic stay. The automatic stay puts an immediate halt to all collection activities including wage garnishments, repossession and foreclosure.

Meeting Of Creditors

Approximately 45 days after filing, there will be a meeting of creditors. At that meeting, creditors meet with the trustee to review the petition for accuracy. In a Chapter 7 bankruptcy, this is the end of the process. In a Chapter 13 bankruptcy, we will propose a repayment plan. That proposal will deal with issues such as the duration and monthly payment of the repayment plan. The plan generally lasts for three to five years.

Discharge

Once all of the steps have been worked through, the final stage is discharge from bankruptcy. Once you have been discharged from bankruptcy, it is often possible to begin rebuilding your credit right away. Many creditors find people who have recently been discharged from bankruptcy as very attractive candidates for credit.

More Than A Decade Of Bankruptcy Experience In Middle Tennessee

At Kerney Law Firm, we offer people the help they need to get a fresh start. Step one of that process is making the bankruptcy process more understandable. We work to ensure that all our clients have a clear understanding of what will happen when and how those steps help them.

Personal Bankruptcy Attorney Serving Gallatin, Nashville And The Surrounding Areas

For representation that is there with you at every step of the process, turn to our bankruptcy attorney, Christopher Kerney. To schedule a free initial consultation at our office in Gallatin or online, call 615-206-9900 or contact us via email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.