The Law Offices of Thomas Kerns McKnight has helped clients throughout the United States obtain a fresh financial start through the filing of bankruptcy.
We are driven to provide quality service to all our clients and strive to make the bankruptcy process as smooth as possible. The Law Offices of Thomas Kerns McKnight offers free bankruptcy consultations with an experienced attorney to determine which chapter of bankruptcy best suits your unique financial situation and what assets (e.g. home, cars, etc.) will be protected by federal or state bankruptcy exemptions. Call now to schedule your free phone consultation and take the first step to your fresh start!
Debt Relief Options
It is in your best interest to explore other debt relief options before making the decision to file for bankruptcy. The Law Offices of Thomas Kerns McKnight can provide you with additional information regarding debt negotiation where our attorneys would negotiate your debts with your credit card companies and agree to settle for less than what you currently owe. Contact us for a free analysis and estimate. Deciding to file for bankruptcy is a serious decision and the consequences may not be optimal for every individual. Please make sure that you consult with an expert before starting your bankruptcy case.
The Law Offices of Thomas Kerns McKnight has helped clients throughout the United States obtain a fresh financial start through the filing of bankruptcy. We are driven to provide quality service to all our clients and strive to make the bankruptcy process as smooth as possible.
The Law Offices of Thomas Kerns McKnight offers free bankruptcy consultations with an experienced attorney to determine which chapter of bankruptcy best suits your unique financial situation and what assets (e.g. home, cars, etc.) will be protected by federal or state bankruptcy exemptions. Call now to schedule your free phone consultation and take the first step to your fresh start!
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is best suited for individuals who wish to discharge their unsecured debt and find themselves with no disposable monthly income at the end of the month to pay their creditors. This chapter of bankruptcy is most commonly referred to as the liquidation chapter of bankruptcy because it is the bankruptcy trustee’s duty to sell any unexempt assets to pay your creditors. Every state has statutory exemptions which protect a certain amount of real and or personal property in a bankruptcy. It is important that you fully disclose any present or future interests in real or personal property when consulting an attorney regarding bankruptcy so that we can best assess your situation and whether your property can be protected in a Chapter 7 bankruptcy proceeding.
The Law Offices of Thomas K. McKnight is dedicated to making the bankruptcy experience for our clients as smooth and easy as it can be. The process begins with a free bankruptcy phone screen, where one of our experienced attorneys will conduct an analysis of your household income and assets to determine whether you qualify for bankruptcy and which assets will be protected. Contact our office today so that our attorneys can determine if a Chapter 7 bankruptcy is your best option for a fresh financial start.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is known as a ‘wage earners’ bankruptcy. Candidates for Chapter 13 should have regular and sustainable income.
A Chapter 13 bankruptcy is a court structured repayment plan, subject to the court’s approval, whereby through monthly payments to the trustee for 3 to 5 years, a certain percentage of an individual’s debts are paid back. A Chapter 13 bankruptcy is best suited for individuals whose income is above the allowed limit for a Chapter 7 bankruptcy, for individuals who are behind on their mortgage payments, for those whose property values exceed their states exemptions, or for individuals who have a wholly unsecured second mortgage that would be eligible to be removed in a Chapter 13.
To qualify for a Chapter 13 bankruptcy you must show the court that you can make all of your necessary household expenses, including any mortgage or vehicle loan payments, in addition to your monthly Chapter 13 plan payment to the court.
A Chapter 13 bankruptcy is a very stringent and difficult process to endure, as the court will require an individual to dedicate all of their disposable monthly income to their monthly plan payments which must consistently be made on time for the entire length of the plan. However, for the right candidates, the benefits of this chapter of bankruptcy can outweigh the difficulties.
One of these benefits is that in a Chapter 13 bankruptcy, in addition to a discharge of your unsecured debts, upon successful completion of all plan payments, a wholly unsecured junior lien can be stripped from a debtor’s primary residence. For example, if your home is worth $300,000 and you have a first deed of trust with a current balance of $350,000, and a second deed of trust with a current balance of $50,000 – that second mortgage is wholly unsecured because your property has no equity above the value of the senior lien. Therefore, this second mortgage would be eligible to be stripped in a Chapter 13 bankruptcy.
A Chapter 13 bankruptcy is a complex process which requires a thorough analysis of your unique financial situation. Contact The Law Offices of Thomas Kerns McKnight today and speak with one of our experienced attorneys to see if this chapter of bankruptcy best suits your financial needs.
Choosing the Right Bankruptcy Attorney
Our goal at Thomas Kerns McKnight is to provide and deliver exceptional service to our clients and to do so more efficiently and economically than our competitors. The law firm of Thomas Kerns McKnight prides itself on zealously and ethically representing hard-working people and helping them with their financial situations. By taking care of our clients, they will continue to do business with us and recommend us to others.