Personal and Business Bankruptcy in Morristown
Helping Individual and Businesses Get Relief from Their Debt
Bankruptcy helps both individuals and businesses get relief from their debt, but it is not a one-size-fits-all concept. There are different types of bankruptcy, each of which serves a different purpose for individuals and businesses. C.E. Bud Cunningham helps his clients choose which bankruptcy is right for them.
Chapter 11 bankruptcy is the option for a business that wishes to remain in business and avoid liquidation. Chapter 11 bankruptcy allows for the reorganization or rehabilitation. Let C.E. Bud Cunningham answers your questions about Chapter 11 bankruptcy in Morristown, TN and help you decide if it is the right choice for your business.
Morristown Personal Bankruptcy
There are two options for personal bankruptcy: Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Chapter 7 bankruptcy
In Chapter 7 bankruptcy, your assets are liquidated to pay off your creditors and your debts are discharged. Our firm helps you decide whether you should file Chapter 7 bankruptcy in Morristown. Tennessee laws allows you to keep certain assets if you file for Chapter 7 bankruptcy.
Chapter 13 bankruptcy.
In Chapter 13 bankruptcy, a repayment plan is set up to pay back your debts over a period of several years. Chapter 13 bankruptcy in Morristown, TN allows you to reorganize your debts and repay them over a period of time, rather than wiping out the debts immediately.
Chapter 13 bankruptcy is a good option for people in these circumstances:
- They have mortgages or other loans that they would like to bring current so they do not lose their home or other property
- They have taxes, child support obligations, or student loans that cannot be wiped out by Chapter 7 bankruptcy
- They have moral convictions that all debts should be paid, no matter how long it takes
Let C.E. Bud Cunningham decide what bankruptcy option is right for you. Contact us to discuss your bankruptcy matter.