Bankruptcy Law: An Overview
Bankruptcy law provides legal relief for individuals and businesses overwhelmed by debt. The process allows debtors to either eliminate their debts entirely or create a structured repayment plan while protecting them from creditor harassment, wage garnishments, and foreclosure. Understanding your options and working with an experienced bankruptcy attorney can help you navigate this complex legal process and achieve a fresh financial start.
Types of Bankruptcy
There are several chapters of bankruptcy under the U.S. Bankruptcy Code, each designed for different situations:
Chapter 7 Bankruptcy (Liquidation): Often called “straight bankruptcy,” this process allows debtors to discharge most unsecured debts within 3 to 4 months. A trustee may sell non-exempt assets to pay creditors. Best for individuals with limited income who cannot afford to repay debts.
Chapter 13 Bankruptcy (Reorganization): This creates a 3 to 5 year repayment plan allowing debtors to keep their property while catching up on secured debts like mortgages and car loans. Best for those with regular income who want to protect assets from liquidation.
Chapter 11 Bankruptcy (Business Reorganization): Primarily used by businesses to reorganize debts while continuing operations. Also available to individuals with debts exceeding Chapter 13 limits.
Chapter 12 Bankruptcy: Specifically designed for family farmers and fishermen facing financial difficulties.
Top 3 Bankruptcy Lawyers in Nashville, TN
1. Lefkovitz & Lefkovitz
Best For: Complex bankruptcy cases, business bankruptcies, and clients seeking a third-generation family law firm with decades of experience.
Philosophy: Client-focused approach emphasizing education and long-term financial recovery. Known for taking cases other firms decline.
Services:
- Chapter 7 Bankruptcy: Complete debt discharge for qualifying individuals.
- Chapter 13 Bankruptcy: Structured repayment plans to protect homes and vehicles.
- Chapter 11 Bankruptcy: Business reorganization and restructuring.
- Chapter 12 Bankruptcy: Family farmer bankruptcy assistance.
- Debt Relief Alternatives: Non-bankruptcy options and financial counseling.
Experience: Founded in 1978, the firm has over 45 years of experience and has helped thousands of clients throughout Middle Tennessee. Third-generation bankruptcy attorneys with deep expertise in both consumer and commercial cases.
Location: 908 Harpeth Valley Place, Nashville, TN 37221 (Additional office in Cookeville)
Contact: (615) 686-2279 | lefkovitz.com
Consultation: Free initial consultation available.
2. David E. Phillips, Attorney at Law
Best For: Consumer bankruptcy cases requiring personalized attention and a family-practice approach.
Philosophy: Small office practice providing highly personal service. Specializes exclusively in consumer bankruptcy law since 1986.
Services:
- Chapter 7 Bankruptcy: Liquidation bankruptcy for debt discharge.
- Chapter 13 Bankruptcy: Wage earner repayment plans.
- Foreclosure Defense: Stopping home foreclosures through bankruptcy filing.
- Wage Garnishment Relief: Immediate protection from paycheck deductions.
- Creditor Harassment Protection: Automatic stay implementation.
Experience: Board Certified Consumer Bankruptcy Specialist by the American Board of Certification since 1995. Over 7,000 bankruptcy cases filed since 1986. True family practice with paralegal support from family members.
Location: 2525 Lebanon Pike, Nashville, TN 37214 (Donelson area)
Contact: (615) 883-9562 | phillipsbankruptcy.com
Hours: Monday through Friday, 8:00 AM to 5:00 PM
Consultation: Free initial consultation available.
3. Flexer Law
Best For: High-volume consumer bankruptcy with multiple office locations and over 40 years of regional experience.
Philosophy: Making the bankruptcy process accessible and understandable. Largest bankruptcy law firm in the Middle District of Tennessee by case volume.
Services:
- Chapter 7 Bankruptcy: Quick debt elimination for qualifying clients.
- Chapter 13 Bankruptcy: Debt reorganization and repayment plans.
- Family Law: Divorce and custody matters (additional practice area).
- Criminal Defense: Legal representation for criminal charges.
- Personal Injury: Accident and injury claims.
Experience: Founded in 1981 by James Flexer. The firm has handled over 25,000 bankruptcy cases and currently employs 8 experienced attorneys with support staff across 3 Middle Tennessee locations.
Location: 1900 Church Street, Suite 400, Nashville, TN 37203 (Additional offices in Murfreesboro and Columbia)
Contact: (615) 805-6374 | flexerlaw.com
Hours: Monday through Thursday, 8:30 AM to 4:30 PM; Friday, 8:30 AM to 12:00 PM and 1:30 PM to 4:30 PM
Consultation: Free initial consultations for bankruptcy matters. Payment plans available.
Frequently Asked Questions (FAQ)
1. How much does it cost to file for bankruptcy in Nashville?
Attorney fees for Chapter 7 bankruptcy typically range from $1,000 to $2,000 plus court filing fees (approximately $338). Chapter 13 cases generally cost $2,500 to $4,000 in attorney fees plus the filing fee (approximately $313). Many attorneys offer payment plans, and Chapter 13 fees can often be included in the repayment plan.
2. Will I lose my home or car if I file for bankruptcy?
Not necessarily. Tennessee bankruptcy exemptions protect certain property values, including equity in your primary residence (homestead exemption) and motor vehicles. Chapter 13 specifically allows you to catch up on missed payments while keeping your property. An experienced bankruptcy attorney can advise whether your assets are protected under Tennessee exemptions.
3. How long does bankruptcy stay on my credit report?
Chapter 7 bankruptcy remains on your credit report for 10 years from the filing date. Chapter 13 bankruptcy stays on your report for 7 years from the filing date. However, many people begin rebuilding their credit shortly after discharge and can qualify for credit cards, auto loans, and mortgages within 2 to 4 years.
4. Can I file bankruptcy without an attorney?
While technically possible (called “filing pro se”), the U.S. Courts strongly recommend hiring an attorney due to the complexity of bankruptcy law. Errors can result in case dismissal, loss of property, or denial of discharge. Free consultations allow you to understand your options before committing.
5. What debts cannot be discharged in bankruptcy?
Certain debts typically cannot be eliminated through bankruptcy, including most student loans (unless you can prove undue hardship), child support and alimony obligations, recent tax debts (generally those less than 3 years old), debts arising from fraud or intentional wrongdoing, and criminal fines or restitution. Your attorney can review your specific debts to determine what can be discharged.