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Chapter 13 bankruptcy may offer solution to crushing debt

Like many Americans, a significant number of Tennessee residents end up under the weight of too much debt. In many cases, an unexpected event-a medical emergency, unforeseen car repairs or a lost job-ends up breaking the household budget and putting even responsible people under financial strain. And for many people who end up in debt, there is no way weekly or monthly paychecks will ever allow them to pay off the debts that they owe. In many cases, they just barely make it week to week. Fortunately, one legal and responsible way out may be to file for bankruptcy under Chapter 13 of the U.S. Bankruptcy Code.

Even with this and the other debt-relief options that may be available, however, many people hesitate to file for bankruptcy. They may believe that they will lose everything, including their homes, cars and other property. This belief can lead to unnecessary emotional stress and a feeling of being trapped, without a clear way out. For these debtors, the attorneys at Kenneth C. Rannick, P.C., can show them a way to discharge their debts and keep most of what they have, thus allowing them to start over fresh and free of worry.

For many debtors, Chapter 13 bankruptcy proceedings are the last chance to end their financial worries in a responsible manner. The biggest challenge for those who are filing Chapter 13 bankruptcy is reorganizing and disposing of some, but not all, assets in order to pay off creditors according to a predetermined schedule. Professional bankruptcy attorneys like those at Kenneth C. Rannick, P.C., can help negotiate with creditors to devise repayment plans that are both realistic and affordable.

Chapter 13 bankruptcy proceedings may allow a debtor to completely pay off all debt by reorganizing his or her assets. The typical repayment plan under Chapter 13 can last three to five years, depending on the debtor's disposable income.

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Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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