If you are receiving harassing collection calls and cannot seem to get ahead with your finances you may need debt relief Knoxville. Bankruptcy is a debt-relief option that allows you to combine all of your debts into one payment. This form of consolidation ceases collection calls and prevents creditors from adding more interest and late charges to these accounts.
Your First Step
Your first step to achieve debt relief is to gather documentation for all of your debts. If you do not have this information, you can request a copy of your credit report through your selected online source and use the information within these listings to determine which collection agency has your account. You can also contact these creditors to negotiate a settlement which is a percentage of the overall debt. You should make sure you get this agreement in writing.
Presenting Your Information
Present your gathered documentation to your selected bankruptcy lawyer. He or she will review your documentation and evaluate your assets to establish which form of bankruptcy will provide adequate debt relief Knoxville for you. You should provide your lawyer with documentation related to your household expenses and your income.
What Happens Next?
Your preferred bankruptcy lawyer will file your petition for bankruptcy with the appropriate court. The court will schedule a hearing in which the accuracy of your debt-related records are verified. The appointed trustee for your bankruptcy will ask you a series of questions related to each of these debts to ensure that all of your statements within your bankruptcy file are truthful. This trustee will handle your bankruptcy file from this point until it is discharged by the judge.
Your creditors or a proxy for your creditors may attend this hearing. They are allowed to ask you and the trustee several questions regarding the debts and your failure to pay them. The judge is the only entity that can refuse admittance of any debit into your bankruptcy file.
How Long Will You Wait?
A bankruptcy case may take up to six months following this hearing. Once the bankruptcy is active all debts are either discharged or placed into the payment plan initiated by your bankruptcy.
