Nashville bankruptcy attorneys offers different paths to solvency

For many facing a crushing load of debt, Nashville bankruptcy lawyers provide a path toward resolving out-of-control costs that exceed an ability to pay.

 At the law firm of Burkhalter & Moser, PC, bankrupcy lawyers in Nashville work with individuals who cannot keep up with their financial obligations. This most often comes about through unanticipated circumstances: medical problems, divorce, job loss or failed investments. As all bankrupcy attorneys in Nashville understand, the psychological effects are trying, and often there is an unnecessary sense of guilt or failure attached to being in this situation.

After filing bankruptcy in Nashville, a personal bankruptcy can be structured by a Nashville bankruptcy lawyer to your specific needs. It may involve a complete and final resolution of debt, or it can be approached as a work-out strategy, a way to take care of debts over several years as you get back on your feet. The most important step comes first—to act proactively.

Different types of debt restructuring through Nashville bankruptcy lawyers

How you structure your bankruptcy depends on how much you owe and how much you reasonably can expect to earn in the future. This differs by state, so a bankruptcy lawyer in Nashville is more adept at handling the nuances of any case originating in Tennessee.

Questions to consider:

• Is your debt modest? If your secured debts, such as what is owed on a home, are less than $922,975, and unsecured debts are less than $307,675, you are eligible to file under Chapter 13.

• Is your debt large? If your debts are higher than those amounts, a qualified bankruptcy attorney in Nashville might encourage you to file under Chapter 11 (more frequently used for business bankruptcy filings). Note that Nashville bankruptcy attorneys rarely handle both business and personal bankruptcy filings.

• Is it unlikely you can pay off your debts? If so, then you would likely file Chapter 7, which amounts to a complete liquidation of assets (except those that are exempt, such as pensions and $5,000 to $7,500 in proceeds from the sale of your home). However, you are not eligible for this if your current monthly income is greater than the median income for a family your size in the state of Tennessee.

• Might your income eventually be enough to cover your debts? If so, you can file under Chapter 13 of the Bankruptcy Code, which allows you three to five years to cover your obligations. A major advantage in this is you are allowed to keep important assets, such as your home.

Bankruptcy lawyers in Nashville

No person wishes to be in bankruptcy of any type. But the options for making debt manageable with the assistance of a Nashville bankruptcy attorney are a way to mitigate the pain, and those options are adaptable to individual needs. A valuable asset for understanding your local bankruptcy laws is an experienced bankruptcy attorney in Murfreesboro or Nashville.

Whether you need to stop wage garnishment, or need personal bankruptcy advice, few firms have the experience and developed case history as does the bankruptcy law firm in Nashville of Burkhalter & Moser, PC, Attorneys at Law. Call Burkhalter & Moser, PC for a free consultation at (615) 662-3697. Or fill out the quick contact form at the top of the page to get more information.

Burkhalter & Moser, P.C.

 1994 Gallatin Pike North, Suite 305
Madison, Tennessee 37115
(615) 662-3697
Fax: (615) 255-6037