Lebanon Chapter 13 Bankruptcy Lawyer

Lebanon Chapter 13 Bankruptcy Attorney

Financial stress can significantly impact every part of life, both for an individual and their family. Overbearing debt can come from unexpected medical bills, credit card balances, struggling small businesses, or the recent loss of a job. If you are in this situation, you need the support of an experienced Lebanon Chapter 13 bankruptcy lawyer.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a way for individuals with a steady income to reorganize their finances and pay off debts over time. As a result, it is often called a “wage earner’s plan.” Individuals can combine their debts and repay them through a court-supported plan that usually lasts three to five years. It also stops any collection actions, foreclosures, and repossessions through an “automatic stay.” The automatic stay helps protect individuals from creditor harassment and legal actions while repayment plans are established.

When Chapter 13 Might Be Right for You

Chapter 13 might be the right option for you if:

• You have significant equity in property, such as a house or vehicle, that you would like to keep. Many individuals turn to Chapter 13 to help protect assets like their homes during financial distress.
• You’re late on payments on property that you wish to keep, but the creditor has put a lien on it.
• You have property that you wish to keep, but the payments are too much. Preparing a Chapter 13 repayment plan helps adjust payments into an affordable structure while keeping secured property.
• You have missed child support payments.

While most income taxes are not dischargeable in Chapter 7 or 13 bankruptcy, filing for Chapter 13 allows you to pay off your back taxes over time.

Chapter 13 Bankruptcy Qualifications

In order to file Chapter 13 bankruptcy in Lebanon, TN, you must meet certain qualifications. The basic fundamental requirement of Chapter 13 is that an individual has a stable and regular source of income, whether it be wages, salary, self-employment earnings, rental income, or retirement benefits. Additionally, the amount of debt owed must fall within the statutory limits, which are currently $1,580,125 of secured debts and $526,700 of unsecured debts.

Many people unsure about their eligibility for Chapter 13 may benefit from evaluating their debt structure with guidance. Reviewing which debts are dischargeable or reorganized under bankruptcy can clarify what relief may be available.

Individuals are also required to complete an approved credit counseling course from a certified agency within 180 days before filing the bankruptcy petition, have not had any bankruptcy petitions dismissed within the last 180 days, and must have filed all required tax returns for the past four years.

Personalized Legal Guidance

At Kerney Law Firm, we understand that every person’s financial situation is unique. We take the time to review your income, debts, and assets to understand your specific challenges and goals and determine the right path for you.

Our experienced bankruptcy legal team can:

• Handle all paperwork and court filings
• Represent you at hearings and meetings with creditors
• Communicate with the Chapter 13 trustee on your behalf
• Provide ongoing support throughout your repayment period

We understand the U.S. Bankruptcy Court for the Middle District of Tennessee and its procedures, allowing us to provide effective solutions.

Chapter 13 Bankruptcy Attorney Serving Lebanon and the Surrounding Areas

Taking the initial steps toward financial freedom can feel intimidating, but you do not need to do it alone. Chapter 13 bankruptcy offers powerful protections that can help you get a fresh start, and Kerney Law Firm is here to guide you through the process. To discuss your options, contact us online.

Lebanon Chapter 13 Bankruptcy Resources:

• Crucial Steps to Consider When Recovering from Bankruptcy
• How to Tell When You Need to File Bankruptcy
• Can a Bankruptcy Help If I Am Behind on My Mortgage?
• What You Should Know About Chapter 13
• How Does Bankruptcy Work in Tennessee