Chapter 7 & Chapter 13 Bankruptcy

Chapter 13 and Chapter 7 Bankruptcy Law in Nashville

A Family-Operated Law Firm that Cares about You

Many people believe that those who file for bankruptcy must do so because of irresponsible and reckless spending habits. In our experience, we've found that stereotype to be false in almost every case. In fact, the majority of bankruptcies are filed because of unavoidable medical bills, or after a divorce.

Contact Nimmo Hoehn & Nimmo today if you need to file for bankruptcy, and bankruptcy attorney Rabin Nimmo will teach you everything you need to know about bankruptcy, help you save your home from foreclosure, and make your way back to financial freedom.

Filing for Chapter 7 Bankruptcy:

Chapter 7 bankruptcy is often referred to as a "liquidation bankruptcy" or a "straight bankruptcy." Under this arrangement, you agree to give up personal property in exchange for having your debts discharged. However, some personal property is exempt from this, and cannot be collected as repayment of debt. This includes "tools of the trade" (anything necessary for your livelihood), personal clothing, retirement accounts, and - depending on your age and marital status - a certain amount of equity in your house.

However, the vast majority of Chapter 7 bankruptcies are "no asset" cases, where, in essence, the individual filing for bankruptcy doesn't have enough "non-exempt" property for their creditors to be able to take any of it away. For those who have a significant amount of assets, Chapter 13 bankruptcy is often a better choice.

Filing for Chapter 13 Bankruptcy:

Chapter 13 bankruptcy, also called a "wage-earner" plan, is basically a matter of debt re-organization. Under Chapter 13, you don't have to forfeit any of your assets at all. Instead, your debts are consolidated and you simply agree to make payments for a period of 3-5 years. If you've fallen behind on car payments or have an arrearage on your house, Chapter 13 bankruptcy helps you catch up on your payments so that nothing is repossessed or foreclosed.

To set up a free initial consultation with an experienced bankruptcy attorney, contact Nimmo Hoehn & Nimmo today.