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Assessing if a Chapter 13 repayment plan can help

Many Tennessee residents may be hesitant to explore the possibility of a bankruptcy filing for the simple reason that they may think they do not know enough about the process to make a confident decision. As a result, they go on being burdened by overwhelming debt, struggling to make payments. However, for those who are earning an income, Chapter 13 bankruptcy may be the best option.

In a Chapter 13 bankruptcy filing, the filer sets up a repayment plan for debts owed. Every plan is different as every filer has different types of debt and different levels of income. Over the course of three to five years, the debtor will repay their debts. In some cases, not all of the debt will be repaid. Remaining debt is often discharged.

Tennessee residents who want to explore bankruptcy as a potential option will need to know what type of bankruptcy is best for them. For those who earn too much income to qualify for Chapter 7 bankruptcy -- also known as "liquidation" bankruptcy -- Chapter 13 bankruptcy can be a much better option than the "stick your head in the sand" approach to debt.

At our law firm, we do our best to make sure our clients have the information they need to make the right choice about how best to tackle their debt burdens. When it comes to Chapter 13 bankruptcy, the structure of a repayment plan can be the best option in a bad situation. For more information about how our law firm might be able to help with debts, please visit the Chapter 13 bankruptcy section of our website.

Post Type: PERSUASIVE

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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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