Consumer Bankruptcy Lawyers in Columbia, Tennessee

Find the right Consumer Bankruptcy attorney in Columbia, TN

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt excused. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you ultimately decide that they are outweighed by the benefits. Bankruptcy is a creation of federal law, and goes through federal courts. Therefore, the procedure governing bankruptcy in Tennessee will be roughly the same as it is anywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Columbia, Tennessee before you file.

Chapter 7 Bankruptcy in Columbia, Tennessee

There are 2 typical forms of consumer bankruptcy in Columbia, Tennessee: Chapter 7 and 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This typically includes homes, vehicles, insurance policies, and retirement accounts. These do not need to be sold.

Once the non-exempt property is sold, the rest of the dischargeable debt is eliminated. Some types of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Columbia, Tennessee is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Columbia, Tennessee

Chapter 13 Bankruptcy in Columbia, Tennessee differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 Bankruptcy involves a court setting up a modified payment plan, which allows the debtor to pay off most or all of his debts over an extended period of time, through monthly payments that should, assuming that the debtor is willing to make a few sacrifices, be manageable.

Which Type of Consumer Bankruptcy Should I File in Columbia, Tennessee

The answer to this question depends heavily on your distinct situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

In any case, it would be a good idea to consult a local bankruptcy attorney in Columbia, Tennessee. Your attorney can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in Columbia

Columbia, Tennessee is home to just under 40,000 residents, and located just 45 miles south of the state's capital Nashville. Columbia was also the birthplace of the nation's 11th president, James K. Polk and boasts a variety of athletic, cultural, and other activities for its residents and visitors to enjoy on their visit to Columbia. There are also lots of historical plantation homes in the city of Columbia that draw many visitors.

Columbia, Tennessee is located in Maury County, abutting the beautiful Duck River. Columbia is famous for Mule Day-- a week long celebration every April dedicated to all things Mule which the city of Columbia attributes to having a very formative role in the colonization of the city. Every year, Mule day attracts over 1,000 spectators from all over the United States.

Not just known for mules, Columbia, Tennessee also has quality legal services to offer with great lawyers eager to serve their clients. The nearest law school to Columbia is Vanderbilt, located in Nashville. There are many other local law schools, producing quality lawyers every year. Columbia is home to many talented lawyers that specialize in a range of legal practices. Columbia lawyers are available to help with any legal problem you may encounter!

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