Knoxville Bankruptcy Help
Bankruptcy Litigation Attorneys in Knoxville
The Knoxville bankruptcy attorneys practicing at the law firm of Sexton & Wykoff, PLLC are skilled and experienced in all facets of bankruptcy law. If you find yourself in the unfortunate position of not being able to repay your debt and are considering filing for bankruptcy, our Knoxville bankruptcy litigation attorneys will explain the ins and outs of the law and help you get your financial affairs under control.
What is Bankruptcy?
When a business or individual is unable to repay their debts filing for bankruptcy may be a good option. Bankruptcy is a federal court process established to assist those who need assistance to either eradicate their debt or wish to repay it. The principal goal of bankruptcy is affording the business or individual a fresh start and relief from overbearing debt. The Knoxville bankruptcy attorneys at the law firm of Sexton & Wykoff, PLLC share that goal and by utilizing their comprehensive understanding of bankruptcy law will work towards affording you the fresh start you deserve. You can also review our Types of Bankruptcy page or our Filing for Bankruptcy page.
Depending on your financial situation there are a few paths you can follow.
- Chapter 7, or liquidation; assets are sold off to raise cash to pay off debts
- Usually lasts 3-6 months
- Chapter 13, or reorganization; a payment plan is implemented to repay debt in 3-5 years
- Payment plan contingent on income and debt
Bankruptcy Limitations
Bankruptcy isn’t the perfect answer to your unpleasant financial situation. For example, filing for bankruptcy will not:
- Preclude your property from being repossessed
- Wipe out child support and/or alimony responsibilities
- Erase student loans
- Avoid most tax debts
On the bright side, filing for bankruptcy will:
- Eliminate credit card debt and other secured debt
- Put a halt to collection agency harassment
- Wipe out certain types of liens
In October, 2005 changes in consumer bankruptcy law were instituted. To better understand these new laws, and how they can help you escape overwhelming debt, schedule a confidential appointment with our qualified Knoxville bankruptcy attorneys at the law firm of Sexton & Wykoff, PLLC.
