I often tell our clients the hardest decision they make is the decision to file bankruptcy. Just walking through our doors can make the process a lot easier! The decision to file bankruptcy is a big one. We want you to understand how the Bankruptcy Code applies to you. We explain the bankruptcy process for Chapter 7 and Chapter 13 bankruptcy from pre-bankruptcy certificate to post filing education and Discharge. We explain the questions you can expect from the Bankruptcy Trustee.

It is important to disclose all assets and liabilities on your Bankruptcy Petition. The Petition is signed under penalty of perjury so you want it to be correct. Bankruptcy Exemptions allow you to protect some assets, like 401k or retirement accounts. It is important to disclose these to your attorney.

Chapter 7 Bankruptcy offers extraordinary relief from overwhelming debt. Our clients often file Chapter 7 Bankruptcy after a medical illness or accident leaves them with huge medical debt or unable to pay their monthly obligations. Chapter 7 wipes out most credit card and unsecured debt. Some debts, such as student loans, alimony and child support are not wiped out in Chapter 7 bankruptcy. Our clients often ask “how much do you I need to owe to file a Chapter 7?” There is no minimum amount or magic number. It depends on your situation. To some clients owing $5,000 or $10,000 feels like a million dollars… especially if a creditor is trying to garnish wages. If that amount were wiped out, then they could sleep easier. To other clients that would be a relatively easy Chapter 13 and give them peace of mind. You can often keep a car or house and still file a Chapter 7. The choice of a Chapter 7 or Chapter 13 is really a personal decision. We review your options and let you make the choice that is best for you and your family.

Chapter 13 Bankruptcy gives clients a chance to repay their debts and keep items such as houses and/or cars. In Chapter 13, a budget is set up to ensure that you can pay your ongoing monthly expenses, such as electric, water, grocery and insurance payments. Once we look at your budget with you, we help you decide if a Chapter 13 Bankruptcy will work for you and your family. Chapter 13 is different from a debt consolidation plan. The Chapter 13 stops the creditors you have listed in your repayment plan from contacting you for collections or suing you to collect their debt. Chapter 13 will help stop penalties and interest on IRS Debt and allow you to get it repaid without garnishment or levy (the IRS picking up your stuff).

The decision to file a Bankruptcy, whether a Chapter 7 or Chapter 13 is a serious one. It can relieve financial stress and allow you to answer the phone or go to the mailbox without worring about what debt collectors are going to ask from you today.

Chapter 7 and Chapter 13 allow families to get back to living their lives with worry of a home foreclosure or a car respossession. Often, our clients are so relieved after their first appointment at our office. They realize there are bankruptcy options that can help them. We do not file business bankruptcies at our office. We only file Chapter 7 and Chapter 13 bankruptcy for consumers. We also give you non-bankruptcy options so you can make an informed decision about filing or not.

Our clients always go to court with an attorney who is a partner in our firm with a minium of 15 years of experience and as much as 25 years of legal experience. We are proud of our staff of Bankruptcy Paralegals that assist us in servicing your case. We enjoy helping our clients make the right financial decision for themselves and their families. Mark and Cynthia Podis are from Nashville, Tennessee and are happy to serve our hometown. We are open Monday through Friday 8 am to 5 pm (the last appointment of the day is at 4 pm).

Personal property can be protected in a Chapter 7 and Chapter 13 bankruptcy up to $10,000 for an individual and $20,000 for a couple. This means paid for personal property, such as furniture, jewelry, art, cash, savings accounts, and cars (or equity in cars). Often other exemptions help you protect 401k or qualified retirement accounts and equity in your residence. Contact your attorney BEFORE you cash out your 401k or other qualified retirement account, it may be protected under a Bankruptcy while discharging your debt!