Finding The Way Forward For You

Finding The Way Forward For You

Bankruptcy FAQs

The Kennedy Law Firm, PLLC helps individuals and businesses unable to make payment arrangements with creditors on their own find financial relief. We are a debt relief agency. We help people in Clarksville file for bankruptcy relief under the U.S. Bankruptcy Code. Perhaps the amount of debt has become overwhelming or perhaps the number of creditors has become unmanageable. Whatever the case may be, our attorneys can help you better understand bankruptcy and walk you through the process from start to finish.

What types of bankruptcy are there?

Federal bankruptcy laws provide several alternative forms of relief:

  • Chapter 7 Liquidation bankruptcy under Chapter 7 of the Bankruptcy Code allows a discharge of most debts and a fresh start for individual and corporate debtors.
  • Chapter 11 For businesses and some individuals, Chapter 11 bankruptcy reorganizes debt through a viable recovery plan while allowing debtors to stay in possession of their assets.
  • Chapter 13 Individual debtors may resolve debt without liquidating his or her assets by agreeing to a three- to five-year payment plan under Chapter 13.

Contrary to common belief, consumer bankruptcy filing is still available. Our bankruptcy attorneys are extremely knowledgeable in the U.S. Bankruptcy Code and the accompanying case law.

How do you know it is time to file for bankruptcy?

If you are suffering from mounting debt, you are not alone. You are one of millions of Americans suffering through difficult economic times. Sometimes you can negotiate with one or two creditors to get payment plans that you can afford. However when paying creditors becomes overwhelming, it may be time to consult with us. Our bankruptcy attorneys can put a stop to various types of collection activity:

  • Harassing phone calls
  • Letters from collection agencies
  • Wage garnishments on your paycheck
  • Repossession of your car
  • Foreclosure of your home
  • Collections lawsuits

Bankruptcy may not be the only answer for you. As a debt relief agency, we may find ways to manage your debt without filing for bankruptcy. Creditors are often more willing to agree to work out plans when proposed by our attorneys ¾ the only way to know is to contact us to evaluate your particular situation.

What do I need to do to begin the bankruptcy process?

Your first step in the bankruptcy process is to inventory your past and present debts. You also need a list of your assets to include in your petition in the bankruptcy filing. Schedules of assets and liabilities, along with a statement of your financial affairs comprise the petition you file with the bankruptcy court, accompanied by your filing fee.

What debts does bankruptcy not cover?

Bankruptcy cannot relieve you of all debts. Several types of non-dischargeable debt are probably still going to be your responsibility:

  • Alimony and child support
  • Drunk driving judgments
  • Criminal fines
  • Criminal restitution
  • Student loans
  • Secured debt
  • Debts incurred by fraud or intentional wrongdoing
  • Back-taxes under three years old
  • Recent large purchases of more than $550 for luxury goods made within 90 days of filing

Bankruptcy attorneys at the Kennedy Law Firm, PLLC can review state exemptions with you so you can better understand how bankruptcy may help your specific situation.

How long does my bankruptcy appear on my credit report?

Bankruptcy remains on your credit history and can appear on your credit report for ten years.

Do I have to pay my bills after I file for bankruptcy?

Yes. You must continue to pay your monthly bills, including rent, electric and other utilities, house and car insurance, and other regular bills.

We can help you resolve debt and take your life back

The Kennedy Law Firm, PLLC serves clients throughout Tennessee. If you or your business is struggling to manage debt, our attorneys can help you understand your options and make informed choices for your future. Call us at 931-444-5620 or contact us online to schedule a free consultation and debt analysis with an experienced lawyer at one of our three Clarksville office locations.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.