Everything you need to know about Chapter 7 bankruptcy in TN
April 19, 2021at7:00 AM
Filing for Chapter 7 bankruptcy in TN isn’t an easy decision. If you’re considering filing for Chapter 7 bankruptcy but don’t know where to start, you came to the right place. Unlike competitors, Banruptcy Partners PLLC offers transparent, affordable, world-class legal representation and custom solutions that accommodate every circumstance.
Here’s everything you need to know about Chapter 7:
What is it?
Commonly referred to as “liquidation bankruptcy,” Chapter 7 is the fastest form of bankruptcy. It’s best for those with minimal disposable income and those whose monthly income falls below the state’s median.
Both individuals and businesses can file for Chapter 7. To qualify, you can’t have received a bankruptcy discharge in the last eight years. Also, where you can file depends on how long you’ve lived in that state.
If you had either a Chapter 7 or Chapter 13 bankruptcy filing dismissed for any of the following reasons, you might be ineligible:
You violated a court order
Your filing was fraudulent
You requested the dismissal after a creditor asked for relief from “automatic stay”
Determining eligibility is complicated. It’s important to consult with a qualified Chapter 7 bankruptcy attorney in Tennessee. At Bankruptcy Partners PLLC, we work with you every step of the way and offer personalized solutions so you know exactly where you stand.
Chapter 7 bankruptcy in Tennessee begins after you submit a petition and other forms to your respective bankruptcy court. You’ll have to supply information regarding:
“Exempt property” (property you’ll be able to keep)
You’ll be expected to complete credit counseling with a recognized and accredited institution. After you file, “automatic stay” goes into effect. This legally stops creditors from collecting what’s owed. During this period, they can’t ask for money or property, or cut off utilities.
Afterward, a court-appointed “bankruptcy trustee” is introduced to assess what nonexempt property can be sold. They also look for reversible transactions that can be undone to free up assets. However, there’s usually nothing of value to sell. You’ll likely keep most of your property.
Following this step, there’s a “creditor’s meeting.” This is typically less than ten minutes and scheduled a week or two after you file. During this meeting, they review your property.
Why you should file
With Chapter 7 bankruptcy in Tennessee, you pay off creditors quickly and discharge most of your debt. In just 3-6 months, the vast majority of your debt will be relieved.
No more harassment
“Automatic stay” forces creditors to stop harassing you.
Home and personal property exemptions
Chapter 7 is ideal because you don’t have to sell all your possessions. In fact, you’ll likely be able to keep most belongings. More importantly, however, you will likely keep things like your home, car, and other necessities for personal care.
No debt repayment
With Chapter 7, you don’t have to repay debts on a court-designated repayment plan.
Of course, the biggest advantage of Chapter 7 is the fresh start it affords. Chapter 7 almost immediately cleans the slate, and you’ll be free from personal liability for your discharged debt.
This is just the tip of the iceberg. At Bankruptcy Partners PLLC, we supply you with our supremely qualified and attentive team so each step of this process is understood and each benefit for you and your unique situation is clear.
Schedule a consultation now to clean your slate!
Everyone needs a second chance sometimes, and we promise to provide you with yours. At Bankruptcy Partners PLLC, we’re the premier Chapter 7 bankruptcy firm in Tennessee. Our tailored bankruptcy approach enables us to accommodate any circumstance. We promise to clean your slate and clear your name. Contact us now for a consultation.