Tennessee Bankruptcy Frequently Asked Questions
- Can I use bankruptcy to stop foreclosure on my home?
- Will I be able to keep my car if I file Chapter 7 bankruptcy?
- Does bankruptcy stop creditor harassment and wage garnishment?
- Are all of my debts wiped away by Chapter 7 bankruptcy?
Get answers to all of your Tennessee bankruptcy questions
For a free initial consultation with a Middle Tennessee bankruptcy lawyer in Nashville, contact Rothschild & Ausbrooks, PLLC.
Can I use bankruptcy to stop foreclosure on my home?
When stopping foreclosure is one of your main goals, we typically recommend Chapter 13 bankruptcy. Your lender wants the mortgage debt to be paid one way or another. If you cannot make the payments, the bank has the right to take the house. Most Chapter 7 filers are not able to make mortgage payments, and must accept foreclosure. But if you can make your mortgage payments as part of a structured debt repayment plan, Chapter 13 bankruptcy may be the best choice for you.
Will I be able to keep my car if I file Chapter 7 bankruptcy?
You can keep your automobile if you agree to resume payments on your car loan. After the creditors meeting, you have 45 days to sign an agreement in which you reaffirm the continuation of the loan and promise to make payments on it. Most lenders will be happy to accept such an agreement, since they would rather receive your payments than repossess your car.
Does bankruptcy stop creditor harassment and wage garnishment?
Yes. Before filing a bankruptcy petition, you must take a state-approved credit counseling course. As soon as you have done this, our bankruptcy lawyers file your petition and an automatic stay is granted. This means that all creditor collection attempts, from aggressive phone calls to wage garnishment, must immediately stop.
Are all of my debts wiped away by Chapter 7 bankruptcy?
There are a few types of debt which cannot be discharged by a Chapter 7 bankruptcy. These include the following:
- Child support and alimony
- Debts for personal injury claims
- Student loans
- Income tax debt
There can be exceptions to these rules. There are also some other potentially non-dischargeable debts. To learn more about debts that cannot be discharged, contact Tennessee bankruptcy lawyers Rothschild & Ausbrooks, PLLC.
