BANKRUPTCY

Bankruptcy Attorney for Chapter 7 & Chapter 13

Let Woody Smith Attorney at Law help you stop harassing phone calls from creditors and take back your life. Attorney Smith is well-equipped to handle your Chapter 7 & Chapter 13 bankruptcy case and get your financial situation back on track. We’ll help you decide if bankruptcy is right for you and which type of bankruptcy is the best option to take control of your debt.

Woody Smith knows this is a sensitive issue and will handle your case with care and poise, all while carefully explaining the bankruptcy process so you can stay on top of your debt management solution. Call (423) 639-3588 or email woodman1008@comcast.net to schedule a legal consultation.

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Understanding Chapter 7 & 13 Bankruptcy

Chapter 7

Chapter 7 bankruptcy is one of the most common forms of individual bankruptcy and can eliminate most unsecured debts like medical bills, credit card bills, personal loans, and other debts. Chapter 7 is also an option for business bankruptcy. This solution is often used because it offers immediate relief from debt collectors and prevents wage garnishment.

What is unsecured debt?

Unsecured debt is where an individual or company loaned you money without requiring a lien. Simply put, if you fail to make payments, there is nothing for the individual or company to repossess.
What debts can be forgiven?

After you’re approved, Chapter 7 will discharge most of your unsecured debt. Examples include credit cards, medical bills, utility bills, and several others.
What debts cannot be forgiven?

Alimony, child support, student loans, and tax debt cannot be discharged with Chapter 7 bankruptcy

Chapter 13

Chapter 13 bankruptcy is a consolidation of debt and is meant for individuals who need to make up for missed payments on car loans, mortgage payments, and other debts, and is the alternative option to Chapter 7 for individual bankruptcy.

How does a Chapter 13 payment plan work?

The Chapter 13 payment plan is essentially a court protected repayment plan of some or all your debt. Payments are made to a “trustee” who then pays the creditors.
What information do you need to determine if Chapter 13 is right for me?
- All bills and collection notices
- One month’s worth of paystubs
- Tax bill showing the assessed value of property in your name
- Remaining balances for secured debts
- Most recent tax return
What are secured debts?

Secured debts are the opposite of unsecured. If you don’t make payments, the individual or company that offered the loan can repossess your assets. The most common types of secured debt are mortgage loans and car loans because the collector can seize your house or vehicle for delinquent payment.