Can I file Bankruptcy?

By Cynthia Podis

Bankruptcy Lawyer

The answer is probably!  There are several types of Bankruptcy.  At Podis and Podis we deal with Chapter 7 and Chapter 13 Bankruptcy for individuals and married couples.  Which bankruptcy to choose?  Well, that is as individual as you and what you are looking to accomplish.

Chapter 7 is for anyone who has dischargeable debt and assets that are not at risk in a bankruptcy.  We can protect up to $10,000 per individual and $20,000 per couple of assets such as cash, car value, household goods like tax refund money, antiques, jewelry and electronics.  The amount of equity in your home is protected up to a point.  This depends on your age and if you have legal custody of minor children in the home.   Your eligibility for Chapter 7 Bankruptcy also depends on your household income.  The level begins with an individual in Tennessee $53,188; with one dependent $66,989 and with two dependents $75,394.  It is a sliding scale ratio of income to family size.  If you are trying to get rid of debt, and have little or no non-dischargeable debt, then Chapter 7 may be for you!

Chapter 13 Bankruptcy repayment plans will help you keep your house, car or other asset.  You must have a regular source of income to file a Chapter 13 Bankruptcy.  This can be from a job, social security or from self-employment.  Chapter 13 is also for those who do not qualify for Chapter 7, due to income, or assets or most of your debt is not dischargeable in Chapter 7 – such as student loans, alimony and child support.  Chapter 13 repayment will give you a chance to repay some or all of your debts over a period of up to 60 months.  It stops creditors from calling and suing you when they are listed in the repayment plan.  If you stop paying, then your case will be dismissed or converted to Chapter 7 Bankruptcy so the Trustee can sell the asset and repay your creditors.  You still have exemptions available in Chapter 13 bankruptcy, but you may forgo a portion of an inheritance or lawsuit you have filed to repay your creditors.

For more information visit or call 615-399-3800 and schedule a free appointment with us!

Podis and Podis – 2 Middle Tennessee Locations to serve you

102 Woodmont Blvd Suite Suite 200, Nashville TN 37205

1064 South Riverside Drive, Suite A Clarksville TN 37040

We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.