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Debt can impact you gradually or suddenly. An unexpected emergency and excessive costs can hit you, or you may have a growing pile of bills over time that you cannot pay until it is too much to address. Having significant debt can be emotionally draining and overwhelming. Fortunately, there are options available. A Chattanooga debt relief lawyer can review your options, including determining if bankruptcy is the right method to discharge or reduce your debts.
When you work with an attorney, they can explain the benefits and drawbacks of different types of debt settlements. Bankruptcy is not always the right option, but it can be useful for many individuals and families to address debt that they cannot afford. Tennessee debt relief is possible to obtain.
Many people in Tennessee deal with debt. In this state, the debt-to-income ratio ranged from a low of 1.32 to a high of 1.40 in the third quarter of 2024. In the metropolitan statistical area of Chattanooga, covering both Tennessee and Georgia, the debt-to-income ratio ranged from 1.47 to 1.61. This shows that those in Chattanooga tend to have higher levels of debt compared to the income they earn, and many are in need of debt relief options.
Bankruptcy protection was established by the federal government to help honest, but unfortunately, debtors obtain debt relief. When debts, creditor phone calls and legal actions create undue stress and anxiety, Chapter 7 or Chapter 13 bankruptcy protections may be the best solution.
At Mark T. Young & Associates, our legal team understands the substantial emotional and financial hardships often associated with overwhelming consumer debt. We are directed by Chattanooga Chapter 7 and Chapter 13 bankruptcy attorney Mark Young and Dustin Granger, who have more than 30 years of experience representing individuals and small business owners and helping them resolve their financial problems. We can also leverage this experience to help you, too.
As dedicated bankruptcy advocates, we take great care when addressing your concerns. We treat our clients with the respect and personal attention they deserve. Our personalized attention includes thorough preplanning to obtain the information necessary to prepare and file your bankruptcy petition accurately. At our firm, we never take a cookie-cutter approach to our representation. We tailor our services to each client’s unique needs.
Filing for bankruptcy can reduce or eliminate the debts you owe to creditors for numerous different types of debt. When you have debts you cannot afford, a Chapter 7 or Chapter 13 bankruptcy could help you manage those payments. In 2024, there were 2,768 bankruptcy cases filed in the Chattanooga office in the Eastern District of Tennessee. This includes 1,008 Chapter 7 cases and 1,751 Chapter 13 cases.
While not all debts can be addressed through bankruptcy proceedings, many can. When you can free up significant finances through discharging those debts, you can afford the debts that cannot be discharged and cover your current bills. Bankruptcy proceedings also put a stay on your debts, pausing creditor actions and preventing them from contacting you. Filing for bankruptcy can give you a much-needed fresh start.
Chapter 7 bankruptcy enables qualified individuals to discharge, or eliminate, unsecured debts. Depending on your situation, you may be able to wipe away:
Certain other types of debts could also be discharged if you meet the strict requirements of undue hardship and are unable to meet your basic needs. An attorney can determine if you meet these qualifications.
Your ability to discharge substantial debts, while keeping most, if not all, of your personal belongings, enables you to have a fresh financial start.
When you work with an attorney, they can review the specifics of your situation and determine if a Chapter 7 filing is right for you and your financial situation. If so, they can show you how to strategically file to better protect your assets.
Chapter 13 protections provide a reorganization of secured and unsecured debts through a repayment plan. You can place mortgage arrears, tax debts, car payments and other debts into a three- to five-year repayment plan, which would enable you to reduce your monthly payments and keep secured property such as your house and vehicle. When the repayment period is done, some of the remaining debts that were not fully paid could be cancelled.
Chapter 13 bankruptcy helps you hold onto your property, although you may be obligated to pay the entirety of the debt you owe eventually.
When you work with an attorney on your debt relief plan, you are more likely to determine the most beneficial resolution to handle your debt, and you also improve your chances of successfully securing it. Not everyone is eligible for bankruptcy filing. An attorney can explain your rights and options, and they can make the process easier and less stressful for you.
Our legal team is available to discuss your situation at 423-933-1606 or toll free at 423-870-5225. You may also send us an email to schedule your free consultation. We are conveniently located and offer handicap accessibility, as well as free parking.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
At Mark T. Young & Associates, We Get You The Help You Need.
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