Long, Burnett, and Johnson, PLLC
Sometimes bills and debt pile up to where you see no way out of the situation. When you cannot see a way to pay off your debts, and your situation is only getting worse, bankruptcy might be a viable option. While bankruptcy is a serious matter, and often seen in a very bad light, it can be a solution to regain control of your life.
It is important to get as much information as you can, and to talk with expert bankruptcy lawyers in Nashville, Tn. Lawyers like Long, Burnett and Johnson PLLC, can help you understand how the law works, and how to decide if it is right for your situation. You may get a free consultation by calling us at (615) 386-0075, or by contacting us through the website. We won\'t tell you what to do, but will help you understand your options so you may make an informed choice. We are one of the best Nashville bankruptcy firms in the region.
Reasons for bankruptcy
It is a good idea to visit us if you find yourself facing foreclosure or repossession of your home or automobile. If creditors are hounding you at all hours, and you know you have many debts you may never be able to pay, you need the us. You may have a job, but the bills just pile up and are way beyond your ability to pay.
Of course you need to make sure you are being responsible with your finances, but often people get into financial difficulty through no fault of their own. Things like being unemployed for a time that can lead to credit card debt, medical bills, loans, back taxes, or falling behind on your mortgage, are all things that can put you in a bind. Some people find themselves trapped under a mountain of debt, and they cannot see any way to ever get caught up.
If you get into a situation like this you may feel totally out of control. You may be harassed be collectors, and you may see your property taken away from you by the courts. This adds up to a lot of stress and can lead to depression as well. It can hurt every area of your life. In this type of situation, bankruptcy might be the best option. With a bankruptcy, the main thing is you get a fresh start. You stop the harassing phone calls and debt collectors, and you can protect at least your home and some of your property. Bankruptcy is basically starting over and the best bankruptcy lawyer in Nashville can help you get there.
Credit ratings and affordability
Some people may fear their credit rating will suffer badly if they file for a bankruptcy. It is true that bankruptcy will do damage to your credit rating, but if you are already under a mountain of debt, your credit rating is damaged every day by the debt itself. Ironically, bankruptcy can help your credit rating in the long run. As long as you are not making payments and have a lot of overdue bills, you will not have a good credit rating. If you cannot see your situation improving, and having a way to pay your bills, you will only be hurting your credit rating more and you may end up in bankruptcy anyway.
The bankruptcy allows you to start over. It allows you to to put a stop to the financial slide you are in and at least get you back to even. It may be in your best interest to go ahead an file for bankruptcy to stop the downward spiral.
Like all legal actions, there is some cost involved. If you are struggling under a lot of debt, you might be leery of taking on even more debt, even if it points you toward a solution. A Chapter 13 bankruptcy can start for as little as $63 up front.
Types of bankruptcy
There are two basic types of bankruptcy you may pursue as an individual – which are called either Chapter 7 or Chapter 13 bankruptcies. There are other types for businesses, and you can discuss that with your bankruptcy attorneys if you are a business owner. But for individuals there are two basic types.
People are often concerned about losing their property if they file for bankruptcy, but the reality is, if you do not get out of that mountain of debt, you will lose those things anyway. You may lose some of your property, but a bankruptcy attorney can help you determine which assets will be protected if you file. It depends on your situation, but usually you can keep your home and many other assets may be protected as well.
In a chapter 7, some of your possessions may be sold to pay some of the debt, such as your car, but often you can keep most of your property. With a chapter 13 bankruptcy you keep all your assets and develop a plan to make payments for five years. The courts determine how much each debtor receives and you make payments for five years and that is all of your debt. That is when you get your fresh start. We can help you decide which is best for your situation, and how each one would protect your property.
Why consider Long, Burnett, and Johnson PLLC
If you do decide to go in the direction of a bankruptcy it is in your best interest to have quality lawyers representing you. Your debtors will all have good lawyers too in most cases. You need the No. 1 local lawyers to help you, and the office of Long, Burnett, and Johnson, PLLC can give you the legal representation you need. Our attorneys will give your case personal attention.
The law is complicated, so you need someone who has a lot of experience and knowledge in this area. Also in rare cases, debtors will sue to prevent you from filing bankruptcy, which is called an adversarial proceeding. In that situation you would definitely want the best lawyers you could get.
Call us today
If you are struggling under a pile of debt, and feel powerless to get out of it, bankruptcy might be your best option. We can help you get relief from the pressure of collectors, and help you get a fresh start along with helping you get out from under all that debt. Your first step is a no obligation free consultation with one of our attorneys. We may even end up advising you against it, but it is best to get the advice of an expert in this area. Call today at (615) 386-0075 or contact us through our website form to take advantage of the free consultation available to you.