Nashville Bankruptcy: Chapter 13

Reorganize your debt

If you have too much disposable income to qualify for Chapter 7, or if you want to protect assets such as your home, Chapter 13 in Nashville may be right for you. People who file Chapter 13 typically have significant assets as well as significant debt, and need a way to put their finances back in balance. Chapter 13 bankruptcy is a reorganization of debt. If you have minimal assets, however, we are likely to recommend Chapter 7.

Qualifying for Chapter 13 bankruptcy in Nashville

To qualify for a Franklin Chapter 13 bankruptcy, you must be able to pay off your debts in three to five years under a structured payment plan. Our attorneys work with you to demonstrate that you meet these additional criteria for Chapter 13 in Franklin:

• Your unsecured debts (credit cards, medical bills) are less than $336,900
• Your secured debts (mortgages, car loans) are less than $1,010,650
• You have enough disposable income to keep up with the payment schedule

Because of the need for income to make your payments, Chapter 13 is sometimes referred to as the bankruptcy plan for a wage earner or homeowner.

Advantages of filing Chapter 13 bankruptcy

The major advantages of a Gallatin Chapter 13 bankruptcy are as follows:

• You do not have to liquidate your assets
• Your debt obligations may be reduced

Our bankruptcy attorneys in Nashville will help you put together a repayment plan that proposes repaying less than one hundred percent of your unsecured debt. Creditors may object to this reduction in payments, but the bankruptcy court can compel the creditors to accept the proposal. Our Chapter 13 lawyers have experience persuading the bankruptcy judges in Nashville to accept your petition and allow a reduction of your debt obligations.

Sort out your debt with a helpful bankruptcy lawyer in Nashville

If you are committed to the idea of a payment plan to greatly reduce your debt, we can help you decide whether Chapter 13 bankruptcy in Clarksville is the appropriate option for you. If it is, we will guide you through the process of filing your bankruptcy, and will help you get a Chapter 13 bankruptcy discharge. For a free initial consultation with a Middle Tennessee bankruptcy lawyer in Nashville and the surrounding areas of Murfreesboro, Gallatin, Clarksville, and Franklin, contact Rothschild & Ausbrooks, PLLC.