These are some of the questions most frequently asked. Just click the link and you find the answer to each question.
How much does it cost to file bankruptcy?
What should I bring with me to my initial consultation?
How long does the bankruptcy process normally take?
What is the difference between Chapter 7 and Chapter 13?
What is a Bankruptcy Discharge?
What is the difference between a Secured Creditor and an Unsecured Creditor
How do I keep my house and car?
Can a Chapter 11 Case Save Your Business?
What debt is discharged, what debt is not?
| Discharged: Credit Card Bills Medical Debt Repossessions Judgments Collections Back rent, utilities etc. Miscellaneous Consumer Debt |
Not Discharged: Student Loans Child Support and Alimony Most Back Taxes Criminal fines, penalties and restitution including DUI fines and penalties |
Do I have to be a Tennessee Resident to file bankruptcy in Knoxville?
What else should I do right away if I am going to file bankruptcy?
- Do not accumulate any more debt.
- Do not use credit cards or write any checks you may not be able to cover.
- Do not give away any property
- Do not make preference payments to family members or others.
- Do not make any major financial moves without consulting with your attorney.
- Start collecting all your past due bills to bring with you to our office.
- If you owe more than your car is worth, start considering alternatives to reaffirmation.
- Many dealers are willing to lend to you once you are discharged from bankruptcy.
- It is ok for family to loan money to you for a car purchase after you file bankruptcy.
- You can purchase an inexpensive “old reliable” to drive temporarily.
- You can borrow a car from family to drive temporarily.
- Do start thinking about your financial objectives after bankruptcy. A good start is to set aside a portion of what you have been paying toward credit cards as a savings fund.
What about co-signers?
Banks rely on co-signers to pay if you don’t. It is important to verify which debts you owe have a co-signor on them. Typically, spouses are co-signors on their credit cards. Therefore, if only one spouse files bankruptcy, the other spouse will still remain obligated on that debt. However, if you are going to continue to make the payment the co-signer will not be affected.
Does my spouse have to file with me?
Many of our clients file bankruptcy alone. If you are both on the debt it usually is better to file together. You still only pay one attorney fee and one filing fee if you file jointly. If your spouse is not on the debt, there would
normally be no reason for them to file bankruptcy.
If I file Bankruptcy alone, does the Court consider my spouse income?
Yes. If you are married and you file bankruptcy, but your spouse does not, the Court will consider the income of your spouse. So you should be prepared to tell us how much your spouse earns. Normally this is not a problem. However, if your spouse has unusually high income you will want to discuss that with our attorneys at our initial consultation to find out if you are still eligible for Chapter 7.
How does my bankruptcy affect my non-filing spouse?
Should I consider credit counseling?