What Property Can I Keep In A Tennessee Bankruptcy?

What property can I keep if I file for bankruptcy? That is one of the most common questions that people ask when contemplating bankruptcy. Many people fear that they will lose their home, their car, their furniture or personal property that has sentimental value.

If you are concerned that bankruptcy will cause you to lose your property, I encourage you to contact me, attorney Steven F. Bilsky. While I must speak with you to provide a precise answer to your questions, I can tell you that many of my clients keep all or a majority of their property.

I offer a free consultation and case evaluation to help you learn more about bankruptcy. To schedule your consultation, contact my law office in Memphis, Tennessee.

Chapter 7 Bankruptcy

Chapter 7 may result in the liquidation of certain property. However, numerous exemptions exist that enable debtors to keep certain types of property.

As a general rule, there is a $10,000 per person or $20,000 per couple exemption for personal property, household goods, furniture and vehicles. Tennessee also allows exemptions of specified amounts for homes, clothing, retirement funds, tools of the trade and other miscellaneous items.

While bankruptcy exemptions protect certain property from liquidation in a Chapter 7 bankruptcy, they do not affect a secured creditor's right to repossess property. If you owe a debt on secured property, you may consider entering into a debt reaffirmation agreement to keep the secured property. An affirmation agreement is an agreement reached separately with a creditor to pay a particular debt.

If filing for Chapter 7 bankruptcy would expose a significant amount of your property to the possibility of liquidation, a Chapter 13 bankruptcy may be better suited to address your debt problems. I can help you determine which type of bankruptcy is right for you.

Chapter 13 Bankruptcy

Chapter 13 is not a liquidation chapter. It is a repayment chapter. As a result, the bankruptcy trustee will not take any of your property. However, if you intend to keep property secured as collateral, like your home or a car, then you will have to pay those secured debts. Certain exceptions apply, such as cases where a debtor is able to strip a second mortgage and still keep his or her home.

Put My Experience To Work For You

I have more than 30 years of experience in bankruptcy law. I have helped thousands of clients obtain debt relief. I practice exclusively in bankruptcy law to provide each of my clients with experienced and knowledgeable representation.

As a solo practitioner, I work closely with my clients to provide quality legal representation and superior service. I am committed to providing each of my clients with highly personalized, accessible and responsive representation. You can rely on me for the sound advice and vigorous representation you require.

Contact A Tennessee Bankruptcy Lawyer

You do not have to face your debt problems alone. I am here to help. I serve clients throughout the Memphis metropolitan area. To schedule a free consultation with a Memphis bankruptcy attorney, contact my law office at 901-236-0572 or 888-336-3691. You may also contact my office by email.

The Law Office of Steven F. Bilsky is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.