Lefkovitz & Lefkovitz
Nashville Office 615-686-2279 Cookeville Office 931-400-2218
Serving all of Middle Tennessee's Bankruptcy Needs

Tennessee debtors might want to consider Chapter 13 bankruptcy

Chapter 13 bankruptcy is sometimes referred to as reorganization bankruptcy. It allows a person to pay off debts over a predetermined period of time, typically three to five years. It is ideal for a wage earner with good income who is having trouble making payments on time. One of the advantages of a Chapter 13 bankruptcy is that it allows a debtor to keep certain assets, such as their home and car.

There is no income limit for filing a Chapter 13 bankruptcy. Anyone who is willing to pay down debt can file. Additionally, the source of a person's income does not matter; it could come from wages, unemployment, Social Security or a pension. All that is required is for a person to disclose their income sources within 14 days of filing and provide proof that their income taxes are paid. Although there is no income limit, there are debt limits. A filer can have no more than $1,184,200 in secured debt and $394,725 in unsecured debt.

Prior to filing Chapter 13, a person must first complete an approved credit counseling course. Then, under the direction of a court-appointed trustee, the filer must create a repayment plan. The amount of time to complete the plan will be either three or five years, depending on the filer's debt-to-income ratio factored against the median income within the filer's state.

When a person has completed their repayment plan, their bankruptcy is discharged, and any remaining debts are eliminated. This is what makes a Chapter 13 bankruptcy so attractive. However, the process of preparing a bankruptcy filing can be quite intimidating. Because of this, anyone needing help might want to consider consulting a law firm with experience in Chapter 13 bankruptcy filings.

No Comments

Leave a comment
Comment Information

We Look At Your Case From Every Angle To Find The Solution That Is Right For You

Bankruptcy help for everyone, from the most simple to the most complex cases.

Call Us Now To Schedule A Free Initial Consultation

Contact our Nashville office at 615-686-2279 or our Cookeville office at 931-400-2218. You can also reach us via email to set up a time to talk to us about your debts.

Get Legal Help Now

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Nashville Office
618 Church Street, Suite 410
Nashville, TN 37219

Phone: 615-686-2279
Fax: 615-255-4516
Nashville Law Office Map

Cookeville Office
312 East Broad Street, Suite A
Cookeville, TN 38501

Phone: 931-400-2218
Fax: 931-526-6244
Cookeville Law Office Map

Back To Top