Collierville residents considering bankruptcy typically choose between Chapter 7 and Chapter 13. Understanding the benefits of each option is essential to selecting the right path for your situation.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy allows you to discharge unsecured debts, such as medical bills and credit cards, giving you a clean slate. Tennessee’s exemptions help protect essential assets like your home, car, and personal property.
This process is typically completed within a few months, making it a fast and effective solution for those who qualify. An experienced lawyer can help you determine if you qualify.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy provides a structured repayment plan, enabling you to pay off debts over 3-5 years. This option is ideal for individuals with regular income who want to:
- Prevent foreclosure or repossession.
- Pay off secured debts.
- Discharge remaining unsecured debts after completing the plan.
Your attorney will work closely with you to create a plan tailored to your financial situation.
