Knoxville Bankruptcy Lawyer Gives an Overview
There are primarily 3 types of bankruptcy applicable in most situations in East Tennessee: Chapter 7, Chapter 13 and Chapter 11.
We file all three.
Nolo Plain English Dictionary defines bankruptcy as follows:
“A federal legal process for debtors seeking to eliminate or repay their debts. There are two types of bankruptcies for consumers: Chapter 7, which allows debtors to wipe out many debts in exchange for giving up nonexempt property to be sold to repay creditors, and Chapter 13, which allows debtors to keep all of their property and repay all or a portion of their debts over three to five years. Businesses can file for Chapter 7 or Chapter 11 bankruptcy. Chapter 11 lets companies reorganize their debt load to stay in business.
Many of our clients are facing home foreclosures, repossessions and garnishments. Many times the best solution under the circumstances is to seek the protection of the bankruptcy system.
If you are considering bankruptcy and want to meet with attorneys with over 25 years in this area, call the Knoxville – Sevierville Bankruptcy attorneys at 865-246-1050.
Don’t leave your financial future to chance. Seek experienced bankruptcy lawyers.