Bankruptcy
A Fresh Start
We all feel good when we can pay our bills on time, but sometimes, due to circumstances beyond our control, it becomes impossible. Difficulties may include medical costs, unemployment, weak economy, divorce and disabilities. More than one problem may occur at the same time, until we can no longer handle it ourselves. We borrow money, pawn property, and cash in retirements funds and are still able to pay only the interest on some debts. It is unreasonable to struggle when logic shows there is no relief through payments. Bankruptcy is a reasonable and ethical answer to these difficulties. The earlier one files for bankruptcy, the earlier unnecessary payments are ended.
When a bankruptcy is filed, the Court will notify creditors, and upon receiving notification the creditors cannot call you, email you, come to your house, contact you through friend or family, nor show up at your work. Filing for bankruptcy stops a foreclosure on your home, the garnishment of your wages, the repossession of your car, and lawsuits for the debts. As your attorney, I will handle all communications with the creditors.
Looking to File for Bankruptcy?
Bankruptcy laws in the United States include a series of federal laws that allow honest people to start over with a clean slate and have their debts wiped out. However, most people do not realize that there are many benefits and drawbacks when it comes to declaring bankruptcy, from understanding when you should file to the different types of bankruptcy. That’s when a bankruptcy attorney can help.
The Law Office of Robert A. Croy is located in Coffee County, where we have served clients in Tennessee for more than 20 years helping people in the areas of family law, personal injury, bankruptcy, and criminal cases. We serve clients in Manchester, Murfreesboro, Tullahoma, McMinnville, Shelbyville, Lynchburg, and the surrounding areas.
Auto Loans
Most debtors have cars or trucks they are buying when they file for bankruptcy. There are three things we can do with the car: surrender it, redeem it, or reaffirm the loan.
When you surrender, the creditor receives the car and the debt is discharged. In redeeming a car, one pays the creditor the trade-in value of the car, and the debt is discharged. An example of redeeming is when one is in debt for $12,000 on a car with the value of $2,500. In this situation, the debtor pays $2,500, keeps the car, and the debt is removed. In reaffirming a car debt, the debtor and the creditor sign a contract that continues the loan.
After a bankruptcy is complete, a second bankruptcy cannot be filed for eight years. This makes you less of a loan risk and more suitable for an auto loan or home mortgage.
Your Future is Bright
Attorney Robert A. Croy offers a free initial consultation. At the consultation, we discuss your particular situation, your hopes, and the role bankruptcy can play in solving your financial difficulties - allowing you to move forward with your life, leaving debt in the past. Consultations are strictly confidential.