Experienced Knoxville Bankruptcy Lawyer Helps Clients Make Financial Fresh Starts
Tennessee attorney helps relieve stress and anxiety caused by too much debt
Bankruptcy can get creditors to stop harassing you, reduce or eliminate your debt and relieve the anxiety of worrying how you will pay your bills each month. At the law firm of Brenda J. Ponsford, PLLC, I help residents of Knoxville and surrounding Tennessee areas understand whether a Chapter 7 bankruptcy or a Chapter 13 bankruptcy filing is right for them. I can also counsel individuals about other possible options for resolving financial problems. When you trust me to handle your sensitive financial concern, you can be sure that I will carefully examine your circumstances and work to reach the most satisfactory solution.
Skillful adviser assists with Chapter 7 bankruptcy filingsChapter 7 bankruptcy requires that you pass a “means” eligibility test before you can file. To pass the test, your income must generally be lower than the Tennessee state median, unless there are allowable expenses you can subtract to get below the median. If you can file under Chapter 7, you can have your credit cards, personal loans and other unsecured debts completely discharged. However, the bankruptcy trustee may sell some of your property to partially repay creditors, including potentially your home, depending on your specific circumstances. This type of bankruptcy can also stay on your credit report for several years. I will look at your overall financial picture to determine whether you qualify and whether a Chapter 7 filing would be the best option for you.
Knowledgeable legal counselor helps in Chapter 13 bankruptcies
For people who don’t qualify under Chapter 7 or for those who want to keep their homes and other property, a Chapter 13 bankruptcy filing may be the best solution. In a Chapter 13 filing, you can negotiate a payment plan over a specified period of time — usually three to five years — to repay your creditors. Any unsecured debt left at the end of the repayment plan period is typically discharged for those who comply with the plan’s terms. As long as you can keep up with payments for secured debt such as your home and car, you can keep those. To be approved by the court for this type of bankruptcy, you must show that you have steady income and can repay your bills according to the plan while also meeting your household obligations. If you are seriously considering bankruptcy, you can rely on me to thoroughly analyze your debt burden and financial situation to determine the right bankruptcy solution for you.
Reputable law firm negotiates debt-relief options
Once I analyze your complete financial situation, I will also examine whether you may have other options for debt relief besides bankruptcy. If that is the case, I can help you negotiate debt settlement options with your creditors.
Contact a knowledgeable Tennessee bankruptcy lawyer for debt-relief solutions
At the law firm of Brenda J. Ponsford, PLLC in Tennessee, I advise clients in Knoxville and nearby locations about the most beneficial bankruptcy or other debt-relief options for their situations. To schedule a free consultation, call my firm at (814) 308-8564 or contact me online.