Chapter 7 and 13 Bankruptcy in 2021

By Cynthia Podis, Bankruptcy Attorney Nashville, Tennessee

Bankruptcy is often a great option for those struggling with debt. The additional unemployment and stimulus payments in the latest Covid 19 Relief Laws are protected for you in the bills signed by the President.

Chapter 7 Bankruptcy is available to wipe out debts you just cannot pay, as long as you qualify under the income / means test. The Means Test income amounts change every 3 months.

Chapter 13 Bankruptcy is a repayment plan based on your income, expenses and protection of equity in your home or other assets. The repayment plan can be from 1 % to unsecured creditors, like credit cards, medical bills, payday loans or flex loans to 100% depending on what you can afford to repay while still having enough money to pay for living expenses (electricity, groceries, water, transportation expenses and ongoing medical needs). You can use Chapter 13 Bankruptcy to catch up arrears payments on your home if it has been in deferred or just behind because of job loss or reduction of hours. Chapter 13 also lets you catch up car payments and often to reduce the interest rate if you have a higher rate, and re-work the car payment based on the vehicle value if you have owned it more than 910 days. We offer a zero money down Chapter 13 plan.

We understand the struggles of 2020! We are scheduling phone appointments to review your bankruptcy options to keep you and our staff safe. We offer an hour of our time to give you the opportunity to discuss your situation privately and without judgment. Our advice depends on complete honesty about what you own and how much you owe. We pull a credit report before filing so you can review it and fill in any debts that are not reported to the credit bureau.

Call us today to schedule your free consultation! 615-399-3800 We have 6 offices in Middle Tennessee to serve you – Nashville, Clarksville, Hendersonville, Murfreesboro, Franklin and Cookeville. We are open 8 am to 5 pm Monday through Friday, closing 12 to 1 for lunch.

Disclaimer: This blog is for informational purposes only. It is not legal advice. If you would like legal advice, please call us and schedule an appointment.

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