Cleveland Bankruptcy Lawyers: Your Guide To Debt Solutions
Are you struggling to make minimum payments, receiving constant collection calls or facing threats of wage garnishment or foreclosure? You’re not alone. The law firm of Richard Banks & Associates, P.C., has been helping people throughout Tennessee and North Georgia overcome their debt problems since 1974. We provide a clear path forward, offering caring, courteous and confidential guidance through the bankruptcy process.
Table of Contents
When To Consider Bankruptcy
Bankruptcy is a powerful tool designed to provide a fresh financial start. It can be the right solution if you are experiencing any of the following challenges:
- Only making minimum payments on credit cards
- Facing threats of wage garnishment, foreclosure or repossession
- Overwhelming medical bills or debt related to a divorce
- A significant reduction in your income
Filing for bankruptcy immediately activates the automatic stay, a federal court order that halts collection activities, lawsuits, wage garnishments, foreclosure proceedings and repossessions.
Your Options: Chapter 7 Versus Chapter 13
Understanding the difference between Chapter 7 and Chapter 13 is the first step in determining the right solution for you. We will help you assess your eligibility for each.
- Chapter 7 bankruptcy: Often referred to as “liquidation bankruptcy,” this option can discharge most or all of your unsecured debts, such as credit card debt and medical bills. The process typically takes three to five months. Tennessee’s exemption laws are designed to protect essential property, so most filers keep their homes, cars and personal belongings.
- Chapter 13 bankruptcy: Known as the “wage earner’s plan,” this option involves creating a court-approved three to five-year repayment plan. It is ideal for those who want to keep their assets, catch up on mortgage or car payments, and protect co-signers.
To help you make an informed decision, we offer a deeper dive into their differences through our detailed guide.
Eligibility And The Credit Counseling Requirement
Before you can file, federal law requires you to complete a prefiling credit counseling course from an approved agency. We will guide you to the right resources and assist in scheduling this session. A post-filing debtor education course is also required to complete your case. We will walk you through these requirements and ensure you meet all legal obligations.
Tennessee-Specific Guidance
Tennessee’s bankruptcy laws, including state-specific exemptions and friendly creditor laws, make having an experienced attorney essential. We represent clients in the Chattanooga federal bankruptcy court, and understand the local procedures and requirements to ensure your case is handled correctly.
What To Expect And What To Prepare
Filing bankruptcy is not as intimidating as it may seem. You will not have a typical appearance “in front of a judge.” Instead, you will attend a brief §341 meeting of creditors with your attorney.
To prepare for our initial meeting and streamline the process, please bring or prepare the following:
- Recent pay stubs and tax returns
- A list of all your debts, creditors and assets
- Your monthly household expenses
- Any lawsuits or collection notices
- Your identification documents
Having these documents ready will help our bankruptcy lawyers provide the most accurate and efficient advice.
Debunking Bankruptcy Myths
Many common misconceptions about bankruptcy prevent people from getting the help they need. For example, it’s a myth that you will lose everything you own. In reality, most people keep their homes and vehicles due to state and federal exemption laws. Our lawyers are dedicated to dispelling common misunderstandings surrounding bankruptcy. You can find many more myths addressed on our comprehensive myths page.
Relevant Resources
We believe in empowering our clients with knowledge. Here are a few valuable resources to help you through the process:
A glossary of bankruptcy terminology that explains, in layman’s terms, many of the legal terms that are used in cases filed under the Bankruptcy Code.
Bankruptcy filing fees are maintained by the Administrative Office of the U.S. Courts on behalf of the U.S. Courts.
Official Bankruptcy Forms, Procedural Forms and the Bankruptcy Forms Manual.
General information about individual debt adjustment under Chapter 13 of the Bankruptcy Code.
Bankruptcy Resources from the American Bankruptcy Institute
General information regarding consumer debt and bankruptcy from the American Bankruptcy Institute.
National Foundation for Credit Counseling (NFCC)
The NFCC’s website includes numerous educational resources, including credit facts, budget calculators and more.
Federal law gives you the right to a free copy of your credit report from each of the three nationwide credit reporting companies (Equifax, Experian and TransUnion) once each year. This is the only official site for requesting your free credit reports.
Information for consumers about credit reports, establishing credit, risk scores and more.
Disclaimer: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.
Request Your Free Consultation
Ready to learn which chapter is right for you? Take the first step toward a fresh financial start.
Call us at 423-219-3299 or fill out our online form for a free consultation. We will help you understand your options and the best path forward.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.