Experience Matters in Bankruptcy
The law firm of Johnston & Street Attorneys at Law has handled hundreds of bankruptcy cases in just about every scenario. If your financial circumstances have forced you to consider bankruptcy, we can help you make the most of your fresh start.
We can also address any questions or anxieties you have about filing for bankruptcy. Our experienced attorneys will sit down with you to examine your financial picture and help you determine if you are a candidate for a Chapter 7 discharge, a Chapter 13 payment plan or perhaps an alternative to bankruptcy.
Debt Relief Is a Phone Call Away
Based in Franklin, Johnson & Street helps individuals and small businesses file for bankruptcy in Williamson County and surrounding communities of Middle Tennessee. Arrange a consultation today.
Frequently Asked Questions About Bankruptcy
- What is the difference between Chapter 7 and Chapter 13?
Chapter 7 bankruptcy, or liquidation, discharges certain debts completely. Eligibility depends on income and other factors. In Chapter 13 bankruptcy, also called reorganization, you pay off debts over three to five years through a monthly payment to a bankruptcy trustee. - Will I give up everything I own?
No. Although a Chapter 7 trustee can liquidate non-exempt assets to pay creditors, the Tennessee exemptions enable most middle-class families to keep their home, cars, retirement savings, household furnishings and other property. A Chapter 13 filing can save even more of your assets. - Can I keep my house?
Filing for bankruptcy stops foreclosure proceedings. Bankruptcy allows you to stay in your home and retain any equity, assuming you can keep up with the house payments. Mortgage arrears can often be rolled into a Chapter 13 repayment plan. - Can I keep my car?
Filing for bankruptcy stops repossession. If you want to keep your car, and can afford the payments, bankruptcy provides a number of tools to help you keep it, and maybe even save money. Most of our clients keep their cars. - Can they garnish my wages or empty my bank account?
Filing for bankruptcy stops creditors from garnishing your paycheck or filing liens against your bank accounts. We may be able to save substantial portions of your savings, especially retirement accounts. We will advise you how to maximize the benefits allowed to you by Tennessee's exemption laws. - What debts can and can't be discharged?
Unsecured debt such as credit cards, medical bills and judgments are eliminated in Chapter 7 bankruptcy. Certain back taxes may be eligible for discharge. However, you cannot discharge child support or alimony, recent taxes, or most student loans. You will know before we file your petition what debts you can discharge. - Do I have to go to court?
You must attend a brief hearing before a bankruptcy judge or trustee. It goes smoothly if you have been truthful with your attorney and the court. - Can creditors still sue me?
On the day your petition is filed, you are under the protection of U.S. Bankruptcy Court. All creditor actions must stop, including collection suits and harassing phone calls. - Will bankruptcy ruin my credit?
Bankruptcy is a black mark on your credit report, but so is a high debt ratio and paying bills late. In other words, your credit rating may already be very poor. Bankruptcy gives you a fresh financial start — and a fresh credit start. Within a few years, you can qualify for new credit cards, auto loans, even home loans if you take the steps to establish good credit after declaring bankruptcy.
Franklin and Spring Hill, Tennessee, Chapter 7 Attorneys
Filing for bankruptcy offers peace of mind and a fresh start. Call the lawyers of Johnston & Street at 888-430-6012 for a free initial consultation, or e-mail us.
