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Chapter 13 Archives

What is the role of the trustee in Chapter 13 bankruptcy cases?

Sometimes, those in Tennessee, and elsewhere, who are facing overwhelming debt, choose to file for Chapter 13 bankruptcy. In addition to the person filing, there are a number of people involved in the process, including the bankruptcy trustee. An often-overlooked cog in the bankruptcy wheel, bankruptcy trustees play an integral role in the implementation and completion of Chapter 13 repayment plans.

Can you save your home by filing for Chapter 13 bankruptcy?

Like many in Tennessee who are dealing with financial challenges, you may have considered filing for bankruptcy. However, the possibility of losing your home may have stopped you from taking this step. We are often asked at Rothschild & Ausbrooks, PLLC, what options you have for saving your home. In this post, we will explain how filing for Chapter 13 bankruptcy may allow you to keep your property.

How does Chapter 13 bankruptcy work?

When people in Davidson, and throughout Tennessee, are struggling with overwhelming debt, they often consider declaring bankruptcy. For individuals and couples filing jointly, Chapter 13 bankruptcy is one of the most common options. In order to ensure this is the right option for their circumstances, it behooves people to understand how Chapter 13 bankruptcy works.

The pros and cons of filing Chapter 13 bankruptcy

If you are like many people struggling with overwhelming debt in Tennessee, then you have likely considered bankruptcy. With several filing options available, it can be difficult to know which one is best suited for your situation. At Rothschild & Ausbrooks, PLLC, we are often asked how to know if filing for Chapter 13 bankruptcy is right for you. In this post, we will discuss the benefits and disadvantages of Chapter 13.

Why balance in bankruptcy filing is important

When it comes to bankruptcy filing, some people may have a preference for one type of bankruptcy over another. Those who are considering filing for bankruptcy may also be more likely to file for Chapter 7 than Chapter 13 depending on whether they live, or vice versa.

Do you really want to file your bankruptcy without an attorney?

Many people file their bankruptcies without an attorney. This is permitted, and you can file "pro se," which means "for yourself." You may think it isn't that complex and you can save some money by doing it yourself. While you can save money if you successfully complete your bankruptcy, many do not, which may cause more problems in the end and may end up costing you more than if you had worked with an attorney in the first instance.

A bad idea made worse

Once something become enshrined in law, it can be difficult to dislodge. Take the sections of the Bankruptcy Code that prevent student loans from being discharged. These provisions date to 1978, and were based on some newspaper stories that suggested that some students who obtained student loans planned to use bankruptcy to discharge their debt after graduation to avoid having to pay the loans back.

Has it become too expensive to obtain bankruptcy relief?

The "reform" of the bankruptcy act in 2005 is now looking more like it was less of a reform and more of a return to a creation of virtual poor houses, where debtors who have a low enough income are rendered insolvent to such a degree that they are unable to file for a bankruptcy.

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

Toll Free: 866-656-8909
Phone: 615-866-2265
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Nashville Bankruptcy Office