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While filing for bankruptcy may feel intimidating and scary at first, a Cleveland, TN bankruptcy lawyer can help you feel confident in your case. Mark T. Young & Associates has seen many clients experience financial relief on the other side of the process. Facing the stress of aggressive creditors harassing you, crippling debt, and not having the finances to pay your bills can be overwhelming. Working with our team can be the lifeline to the relief you need.
When you are looking to hire a bankruptcy lawyer in Cleveland, TN, you may find many choices. Allowing Mark T. Young & Associates to handle your case, however, means you work with a team that puts you first. Our firm focuses exclusively on bankruptcy cases. Our team has more than 30 years of experience. This takes the guesswork out of bankruptcy and supports our proactive approach for your unique situation.
Recent statistics from April show that there were 46,226 bankruptcy filings, including all chapters, that month alone. This statistic demonstrates that bankruptcy continues to be one of the most effective legal options for debt relief when facing financial troubles. Typically, there are two types of bankruptcy that you may pursue to deal with overwhelming debt: Chapter 7 and Chapter 13. Below explains the differences:
While bankruptcy can impact your credit for many years and may require sacrifice, it also provides a way out of crippling debt and an opportunity to rebuild your financial life, and may be the right option for you.
Bankruptcy cases in Cleveland are handled by the U.S. Bankruptcy Court for the Eastern District of Tennessee, Chattanooga division. The Chattanooga division serves Bradley County, which Cleveland falls into, and is located on 31 East 11th Street in Chattanooga, TN.
It can be challenging to know which type of bankruptcy to file in Tennessee, which makes partnering with a Cleveland bankruptcy attorney essential. A lawyer can guide you in making the decision on which type is ideal for your financial situation. While you may be able to go through this process on your own, working with an attorney is essential, as they understand local rules, deadlines, and regulations and can guide you through the paperwork and court procedures.
Mistakes and omissions can lead to delays, case dismissal, or even denial of debt discharge. Bankruptcy cases are taken seriously by the courts, and a lawyer can work to see that a careless mistake on your part does not lead to the inability to receive the aid that you desperately need and deserve.
A: In Cleveland, Tennessee, any individual, couple, or business can file for bankruptcy if they meet the qualifications. There are typically three different types of bankruptcy: Chapter 7, Chapter 13, and small business bankruptcy, and depending on the circumstances, individuals, couples, or businesses can pursue the option that makes the most sense given their situation. If you have questions about your case, a bankruptcy lawyer can help determine what steps will work in your case.
A: The expenses associated with a bankruptcy lawyer in Cleveland, TN, are determined by several factors. These can include the experience of the lawyer, the complexity of the case, and whether the case is litigated in court or not. To understand the costs you could incur, speak with an attorney during an initial consultation about the specific details of your case. With those details, they will be able to gauge how they can help and what to expect.
A: You may not automatically lose all your property if you file for bankruptcy. Under both Chapter 7 and Chapter 13, many people keep most or all of their belongings. The items that you may lose after filing for bankruptcy include luxury items like vacation homes, second vehicles, and boats. You may also lose property with high equity beyond the exemption limits and any items that you purchased fraudulently.
A: Bankruptcy generally stays on your credit report for 10 years if you filed Chapter 7 and 7 years if you filed Chapter 13. After filing for bankruptcy, your credit score will be impacted significantly and drop, especially early on. This can limit your access to new credit, and you may face premium interest rates. The impact can go beyond your credit score, as lenders, landlords, and employers can see bankruptcy during background checks.
A: While you are not legally required to work with a lawyer for filing bankruptcy, working with a lawyer is strongly recommended. The process can be extremely complicated, even for straightforward cases with few assets, and there are hidden risks that lawyers can help you navigate. You are taking a huge legal and financial risk in filing for bankruptcy, and having a lawyer at your side can ensure that you do so with confidence.
Filing for bankruptcy is not the end of the road. It is the beginning of financial freedom for many. If you have questions about the legal process, the differences between Chapter 7 and Chapter 13, or are ready to start your case, reach out to Mark T. Young & Associates today to set up an initial consultation. By meeting with an experienced bankruptcy attorney, you are giving yourself a chance of financial freedom and legal advocacy. Do not wait any longer; reach out today.
At Mark T. Young & Associates, We Get You The Help You Need.
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