Bankruptcy Lawyer Represents Knoxville
If you are living with the stress of lawsuits, creditor harassment, unpaid bills and/or possible wage garnishment, declaring bankruptcy may be the right option for you. The lawyers at Moore & Brooks Attorneys at Law have the experience and skill set to help you understand your immediate needs and prepare a long-term strategy tailored to your objectives.
Bankruptcy offers a new beginning. It is one option for regaining control of your financial life and providing your business and family with a fresh start. At Moore and Brooks Attorneys at Law, we have over 50 years of combined experience in bankruptcy and debtor-creditor law. Bankruptcy is only one option when you are faced with extreme financial pressure. We look at every possible strategy to restore you or your business to financial health. If bankruptcy proves to be the best option, we will guide you through the process carefully, establishing a clear strategy for building a new life free of harassing phone calls, garnishments, lawsuits and other burdens.
Types of Bankruptcy
Every financial situation is unique. At Moore & Brooks Attorneys at Law, an experienced lawyer will assess your particular needs and determine which chapter of bankruptcy code will work best for you. Bankruptcy law can be complex. We break it down into simple terms, giving you a clear understanding of what to expect throughout the entire process.
The most common form of bankruptcy, Chapter 7, is a liquidation of non-exempt assets in order to eliminate debt. Your trustee will sell your assets and pay you the amount exempted. The net proceeds of the liquidation are then distributed to your creditors by the trustee overseeing the Chapter 7 disbursement.
Keep in mind, however, that not all debts can be discharged in a Chapter 7. Spousal maintenance, child support, fraudulent debts, various taxes and student loans are just some of the assets that may not be discharged.
Chapter 11 allows businesses and individuals time to reorganize financially. Chapter 11 bankruptcy also allows your business to continue operating under the supervision of the bankruptcy court, helps you renegotiate debt and provides relief from burdensome leases and contracts.
If your small business wishes to remain operating while restructuring an extended debt repayment plan, Chapter 13 bankruptcy may be your best bet. Filing for Chapter 13 bankruptcy relief allows you to catch up on overwhelming mortgages and/or car loans without the threat of foreclosure or repossession.
If you stick to the terms of your repayment plan, all remaining dischargeable debt will be released at the end of the plan. This process usually takes anywhere between three and five years to complete.
Making the Best Choice for You
When dealing with financial problems, bankruptcy is only one answer. We have extensive experience representing clients for whom bankruptcy is NOT an option and may be able to help you avoid filing. Call us today to learn more about developing plans, financial reorganization and other alternatives that may be available.