Chapter 7 Lawyers in Knoxville
Know When to File Chapter 7 Bankruptcy in East Tennessee
If you qualify for Chapter 7 bankruptcy, you can get rid of some or all unsecured debts, surrender items considered secure debts, and avoid liens on pledged household goods. Our Knoxville Chapter 7 attorneys can give you the knowledge and power to make an informed choice with no money down and no obligation to you. Let us help you erase your debt, stop harassment by collection agencies, and rebuild your credit.
The dedicated legal professionals at The Law Offices Of Mayer & Newton, proudly offer the following:
- A free debt consultation with zero obligation
- The convenience of starting the process from your home
- Experienced legal insight into your options
- Local care from a local company, not a faceless corporation
Understanding Chapter 7 Bankruptcy
Chapter 7 bankruptcy is often referred to as a “straight” bankruptcy or a “liquidation.” In Chapter 7, any assets not considered exempt under the law are turned over to a bankruptcy trustee (or administrator). The trustee sells the property and distributes the money equally among the unsecured creditors. In actual practice, however, very few people are required to turn over any property to the trustee.
In exchange for turning over any property not considered exempt under the law, the debtor is entitled to a discharge of unsecured debts, with several exceptions. On secured debts, the debtor either reaffirms the debt (continues to make payments), surrenders the property back to the creditor, or redeems the property by making a lump sum payment equivalent to the value of the merchandise.
Is Chapter 7 Right for Me?
Prior to deciding to file for Chapter 7, you will need to determine if this is the best financial decision for your unique situation. While Chapter 7 has benefited many people, it is certainly not for everyone.
There are several signs that may indicate Chapter 7 is the right option for you at this time, including:
- Your monthly income is less than the median income in Tennessee
- You have very little or no disposable income
- Your debts are more than half of your total annual income
- It would take you at least five years to repay your debts
- Your debt has severely disrupted many aspects of your life
If the above statements ring true for you, contact our Knoxville Chapter 7 bankruptcy lawyers for a free consultation. With over 60 years of experience, we can provide a reliable evaluation of your circumstances and help you make an informed decision.
What to Expect When You Schedule a Free Consultation
One of our friendly team members will follow up with you to schedule the appointment and explain in detail exactly which documents (such as pay stubs, total amount of debt, etc.) to bring with you to the consultation. Our bankruptcy lawyers will thoroughly assess your financial circumstances and recommend the right course of action during your consultation.
We understand that everyone is different and that no two sets of finances are exactly the same. That's why we consider each situation individually and set pricing and payments according to what is right for you. Our certified bankruptcy attorneys can recommend an effective plan and pricing during your meeting and offer you the power to choose whether or not to continue working with us – with zero payment obligation to you.
Board Certified Bankruptcy Attorneys
Our attorneys are among the most knowledgeable in East Tennessee and are Board Certified Bankruptcy attorneys.
$0 Down for Chapter 13
We charge zero legal fees to start a Chapter 13 case.
$0 Down for Chapter 7
We charge zero legal fees to retain our firm to represent you in a Chapter 7.
Affordable & Flexible
We offer free consultations and take online payments for your convenience.
Over 50,000 Cases Filed
We have successfully filed over 50,000 cases in the Eastern District of Tennessee.
Caring & Effective
We have experienced attorneys and well-trained staff to ensure your case is handled effectively and with care.