Knoxville-based law firm, Wykoff & Sikes, PLLC, is announcing their bankruptcy assistance services. For those in the eastern Tennessee area seeking debt relief options or alternatives, attorneys at Wykoff & Sikes offer the guidance and insights needed to understand and navigate the U.S. Bankruptcy Code.
More information can be found here: https://wykoffandsikes.com/bankruptcy/
Bankruptcy is a legal process over which federal bankruptcy courts preside. It is strongly recommended that parties considering this course of action seek the advice of a qualified lawyer.
The announcement of Wykoff & Sikes’s bankruptcy services means individuals in the eastern Tennessee area struggling with mounting debt now have access to qualified legal counsel experienced in resolving personal financial difficulties, regardless of circumstances.
While designed to provide relief to those unable to pay their debts, the act of declaring bankruptcy is a serious decision that can result in long-term financial and legal repercussions.
Experienced lawyers, like those at Wykoff & Sikes, are fluent in the rules and regulations that govern bankruptcy court proceedings. They understand the impact the process can have on future credit card and loan eligibilities. They are able to negotiate terms best suited to individual circumstances and objectives.
There are several kinds of bankruptcy cases Wykoff & Sikes can handle, and each is designed for a different purpose. Most people with debt problems will qualify for bankruptcy relief under a particular chapter.
Chapter 7, often referred to as straight bankruptcy, helps alleviate the burden of ordinary debts associated with credit card debt, medical debt, and other unsecured debts. Relief under this type of bankruptcy allows for the liquidation of a debtor’s non-exempt property so that proceeds can be distributed among creditors.
Relief under Chapter 7 does not depend on the amount of debt owed and can be available whether the debtor is solvent or insolvent; however, absolute discharges are never a guarantee. Some cases cannot be discharged due to pre-existing factors such as property liens.
For those earning a regular income while attempting to pay off debt, Chapter 13 operates as a reorganization option that does not involve liquidation and can offer an individual the opportunity to save their home from foreclosure.
Chapter 13 allows for the restructuring of certain debts so that individuals can achieve repayment under new terms. Similar to a consolidation loan, plan payments are made to a chapter 13 trustee who then issues payments to creditors.
With the help of Wykoff & Sikes legal services, chapter 13 protects individuals from direct contact by creditors while securing a full or partial repayment plan over a negotiated period of time.
More about Wykoff & Sikes, PLLC bankruptcy services can be found at the URL above and in this brief video.
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