Nashville TN Bankruptcy Firm Helps Protect Your Property During Bankruptcy
Offering debt relief solutions that protect your property
Being in debt is stressful. It becomes even more so if you own a home, car, or other property on which you and your family rely. Many people avoid seeking debt relief because they are afraid of losing property or having to give it up in the process of digging themselves out of debt. Fortunately, filing for bankruptcy does not automatically mean your home or other property are at risk. Each form of bankruptcy has different implications for your property, and the experienced bankruptcy attorneys at The Nevin Law Firm can help you explore options and alternatives that protect your property.
Considerations for your home and other property under Chapter 11 and Chapter 13 bankruptcy
If you are an individual or small-business owner filing bankruptcy under Chapter 11 or Chapter 13, it is rare that your home and other property would be at risk, because you are still committed to repaying your debts – or a portion of your original debt load. In fact, filing under either of these chapters is accompanied by an automatic stay that stops collection efforts against you, prevents others from securing a judgment against you, and halts attempts to foreclose on your home and most types of business property. This stay gives our first-rate bankruptcy attorneys time in which to work with your creditors and develop a mutually agreeable plan for repayment or reorganization – one that protects your property.
Protecting your home and car through a Chapter 7 bankruptcy
Bankruptcy under Chapter 7 differs from Chapters 11 and 13, because under this type of bankruptcy, your assets are collected by a bankruptcy trustee and sold to pay off your debts. Because you emerge from a Chapter 7 bankruptcy with most debts discharged, your property is more at risk in these proceedings. In practice, however, many people seeking debt relief under Chapter 7 keep their home and car. The law has built in select exemptions that protect certain amounts of equity in your home. The amounts that you can exempt differ depending on your marital status, whether others have ownership in your home, and whether your children are living with you. Similar exemptions protect other types of assets, such as savings and retirement accounts.
Experienced attorneys preventing foreclosure in Nashville, TN
The threat of foreclosure can be very stressful and the process can happen quickly. Within just one or two missed mortgage payments your lender may begin contacting you and threatening foreclosure proceedings. Once you receive the actual notice of foreclosure, you have little time before the actual sale of your home. All of this can happen within just a few months, and given this pace, it is better to prevent foreclosure in all instances. This might be done through filing for bankruptcy, or negotiating with your lenders. Our reputable debt relief attorneys help you determine whether the loans on your home are secured or unsecured, and we can identify which loans might benefit from negotiations. Another alternative to foreclosure is a short sale, through which you sell your home to pay off the mortgage with the proceedings from the sale. Because you lose your home through a short sale, our experienced bankruptcy and debt relief attorneys can explore other – less extreme – options to get you out from under debt.
Contact us before it’s too late.
We can help save your property
Debt can become overwhelming very quickly, and when it does, your property is at risk. With the knowledgeable and reputable bankruptcy attorneys at The Nevin Law Firm, you can avoid losing your home or car while also digging out from crushing debt. Contact us today. You can reach The Nevin Law Firm at (615) 244-7708 or by visiting us at our office in downtown Nashville. We offer payment plans for those who qualify.