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Chapter 13 bankruptcy may be a viable path to financial solvency

When a Hamilton resident cannot pay their bills, cannot keep up with the minimum payments on their credit cards and cannot handle the influx of expenses that burden them each day, they may need to consider significant steps toward eliminating their debts. In situations like this where a person has no extra income on which to make a dent into their debt it may be best for them to try to wipe out as many of their financial obligations as possible through the liquidation process of Chapter 7 bankruptcy.

However, if a debtor has a job, earns an income and has some extra money with which they may begin to pay down their debts, Chapter 13 bankruptcy may be a better option. In Chapter 13 a debtor is allowed to keep more property and use the reorganization of their income to repay their creditors over time.

As previously discussed on this blog, not all debtors will be able to pursue Chapter 13 and its legal protections. There are filing requirements that individuals must first meet as well as other important questions that must be answered before a debtor may enjoy the automatic stay and other benefits that individuals in the bankruptcy process enjoy.

If, though, a debtor qualifies and is ready to take active steps to finding financial solvency, now is a good time to discuss Chapter 13 bankruptcy with a dedicated bankruptcy attorney. Kenneth Rannick practices debt relief and bankruptcy law and offers legal services to individuals in the greater Chattanooga area. To learn more about attorney Rannick and his firm, readers are invited to visit his firm's webpage on Chapter 13 bankruptcy.

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

Phone: 423-954-7180
Phone: 423-624-4002
Fax: 423-624-0509
Chattanooga Law Office Map