IN THE FULL GUIDE YOU WOULD GET:
A basic understanding of the 2 main types of consumer bankruptcy, valuable insights into evaluating bankruptcy as a debt reduction tool,
and practical guidance for finding a quality bankruptcy attorney.
Topics covered:
- An overview of the bankruptcy process. - Key bankruptcy terms like: “discharge,” “automatic stay,” and “exemptions.” - Chapter 7 bankruptcy: what it is, how it works, and when it is preferred. - Chapter 13 bankruptcy: what it is, how it works, and when it is preferred. - How bankruptcy can save a home from foreclosure or a car from repossession. - 5 good reasons to file bankruptcy. - 5 good reasons not to file bankruptcy. - 3 alternatives to filing for bankruptcy. - 5 questions to ask when interviewing a prospective bankruptcy attorney.
CONSUMER’S GUIDE TO
BANKRUPTCY
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Got a question about your situation or something you read in this guide? Feel free to email me at [email protected], call me at 615-807-1064,
or visit the website at www.llgtn.com.
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WHAT IS BANKRUPTCY?
Bankruptcy is a legal process in which individuals, couples, families, and businesses can eliminate, repay, or restructure some or all of their debts.
There are 2 main types of consumer bankruptcies: Chapter 7 and Chapter 13. Both help you with your debt, but in very different ways. As you consider bankruptcy as a possible debt resolution tool, it is important to know how and to what extent each chapter eliminates debt, and what is required of you during each, so that you can know which option is the best for you.
WHY FILE? People file bankruptcies for a variety of reasons. You may file to obtain a discharge of their debts. The discharge frees you from your oppressive financial situation, and provides you a fresh financial start, by eliminating some or all of your debts.
You could also file to invoke the automatic stay, which can stop creditor harassment and lawsuits, and protect your house from foreclosure, your car from repossession or your paycheck from garnishment. Others file to restructure and consolidate debt into a manageable payment.
Got a question about your situation or something you read in this guide? Feel free to email me at [email protected], call me at 615-807-1064,
or visit the website at www.llgtn.com.
3
WHAT IS BANKRUPTCY?
BASIC BANKRUPTCY REQUIREMENTS In any bankruptcy you must provide certain information to the Court, your creditors, and your Trustee (a court appointed attorney that oversees your case). The typical case requires you to detail:
1. All of your assets (everything you own); 2. All of your liabilities (everyone you owe); 3. Your current and expected future income; 4. Your current and expected future expenses; 5. The specific state laws that you are using to
exempt your assets from your creditors. You must also file certain documents, including:
1. A statement of your recent financial affairs; 2. A certificate of credit counseling from an
approved provider (or a waiver); 3. Your most recent tax return; 4. Your most recent 60 days’ worth of pay stubs
or other proof of income. At some point during your case you will go to what is called a “Meeting of Creditors,” where your Trustee and your creditors have the right to ask you questions about your case. For the vast majority of debtors, this is the only time you will go to “Court,” and few, if any, creditors will attend.
Bankruptcy is a legal proceeding in federal court in which a person with more debts than they can pay seeks relief from those debts.
Got a question about your situation or something you read in this guide? Feel free to email me at [email protected], call me at 615-807-1064,
or visit the website at www.llgtn.com.
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ABOUT THE AUTHOR
Gordon H. Boutwell, Atty Lodestone Legal Group 198 E. Main St., Ste. 4 Franklin, TN 37064 615-‐807-‐1064 [email protected] www.llgtn.com
GORDON BOUTWELL is a bankruptcy and consumer protection attorney in Franklin, Tennessee. He has practiced law since 2006, with most of that time dedicated to bankruptcy, personal finance, and consumer advocacy. Over the years he has helped hundreds of individuals, couples, and families with their financial problems. He believes in treating other people the way he would want to be treated in the same situation. He takes the time to get to know his clients, and he educates them on their options for getting out of debt, helping them to understand and evaluate them. He believes bankruptcy is a worthwhile tool to help some (but not all) people get out of debt, and, when combined with financial education and counseling, can be a springboard to financial independence. In March 2011, Gordon and R. Keith Gordon formed the Lodestone Legal Group in Franklin Tennessee, with the purpose of assisting business and private clients by exploring legal options, navigating the legal pitfalls, and providing measurable results through custom solutions and a commitment to the lost art of personal care and client service. Lodestone Legal Group practices in the areas of bankruptcy, debt negotiation and settlement, financial counseling, residential and commercial real estate, estate planning (wills and trusts), and small business and corporate law.