Franklin Chapter 13 Bankruptcy Lawyers

Bankruptcy Attorneys for Franklin and all of Middle Tennessee

Have you fallen behind on your credit card bills, mortgage payments or auto loan? Do you need to stop a foreclosure on your home or repossession of your car anywhere in middle Tennessee? If so, we highly recommend that you contact a Franklin Chapter 13 bankruptcy attorney at our firm. We are a mid-sized boutique law firm focusing on bankruptcies for residents throughout Williamson County, including Franklin, Brentwood, Spring Hills, Fairview, College Grove, Columbia, Lewisburg, Lawrenceburg, and Centerville.

What is a Chapter 13 Bankruptcy?

A Chapter 13 bankruptcy is a useful tool for stopping a foreclosure or repossession. When you file a Chapter 13 Petition with the court, an automatic stay is imposed which stops collection actions, foreclosures, and repossessions. A Chapter 13 bankruptcy is a rehabilitative type of filing for individuals with a regular income source or for those who do not qualify for a Chapter 7 because of too much income or property that exceeds the exemptions.

In a Chapter 13 filing, the debtor submits a plan for the repayment of all or a portion of his debts to the court. In this type of filing, available to individuals and sole proprietors, you are allowed to repay your creditors over a period of 3 to 5 years. The amount of payment and the length of time allowed for the plan are determined by a variety of factors. The plan must be approved by the court to be effective. If approved, the debtor makes regular payments to a Chapter 13 trustee who disburses it to the creditors as prescribed by the plan. Upon completion of the payments called for in the plan, the debtor is released from the remainder of his or her dischargeable debts.  

To find out more about how you may obtain debt relief through a Chapter 13 bankruptcy, it is best to consult with a Williamson County Chapter 13 bankruptcy lawyer at our firm who can advise you about the legal options which best suit your needs.