Western Tennessee Bankruptcy Attorney

If you feel as if your life is spinning out of control with debt, I can help you regain control and start getting your life back on track.  Percival Law Office, PC located in Jackson, Tennessee can work with you to determine which path to take among the many options that may be available to you.  Based on my experience, I can recommend a debt solution that works for you. 

The difference between Chapter 7 and Chapter 13

Chapter 7, often called fresh start, is for a person, company, or corporation. The filing entity's debts are discharged in exchange for liquidating assets, if any exist, to pay creditors.  It is for those who cannot afford to pay back their debts. People who file Chapter 7 are able to keep some of their assets such as their home (provided they do not have much equity), the family car, and personal belongings.  Liquidation is the process through which the debtor's non-exempt property is sold for cash by a trustee and the cash is distributed to creditors.  In most cases, however, there are no assets to liquidate.

Chapter 13 is for individuals with regular income who may be overcome by debts, but who have the wherewithal to repay debts within three to five years with help from the court.  Chapter 13 permits the debtor to create a plan to use a certain percentage of future income to pay creditors.  If the court-appointed trustee approves the plan, the debtor is under the court's protection while repaying such debts.  Penalties and other fees are often removed from the amount owed, interest rates are usually lowered, and creditors are asked to take a percentage of the total as payment in full.  The debtor must pay the trustee the agreed-upon monthly payment on time and without fail.  If the debtor misses one payment, the bankruptcy may be nullified, the debtor loses the advantages gained by filing, and creditors are then free to sue the debtor directly for payment. 

Chapter 7 bankruptcy

Chapter 7, or liquidation bankruptcy, allows you to accomplish the following:

Chapter 13 bankruptcy

Benefits for Chapter 13, or reorganization bankruptcy, include:

Serving Jackson, TN and the surrounding area

Take back your financial freedom with experienced legal assistance

When you entrust Percival Law Office, PC with your bankruptcy in Jackson, you can rest assured that I will give you the time, respect, and dedication that you deserve.  Help is only a phone call away. Contact our office today to get started on taking back your financial freedom.