Are creditors harassing you yet there’s no possible way you could make the payments?
Then it might be time to file for Chapter 7 bankruptcy. Besides giving you relief from persistent creditors, this is also an option that makes it possible to work toward a more stable future.
In this guide, our team at Bankruptcy Partners PLLC answers common questions you are likely to have. If you find that you would like to explore filing for chapter 7 bankruptcy in Tennessee, we are glad to help. Just reach out.
What is the means test?
For a successful bankruptcy filing, you must prove that your annual family income is below the state average. This is known as the “means test.” If your income is higher than the Tennessee average, you may pass the test after subtracting allowed expenses.
Are all debts dischargeable in Chapter 7 bankruptcy?
There are debts you will still owe even after successfully filing for bankruptcy. They include:
- Child support
- Attorney fees in custody and child support cases
- Criminal restitution
- Court fines and penalties
However, there are many other debts you can discharge with Chapter 7 bankruptcy. Credit card debt, personal unsecured debt, civil judgments, back rent from old leases, and deficiencies after a repossession are all dischargeable.
If someone keeps coming after you to pay a debt that applies, let us help.
What can I do about the non-dischargeable debts?
If Chapter 7 bankruptcy won’t help with your debts, Chapter 13 bankruptcy may be the right route. In Chapter 13 bankruptcy, you receive a payment plan that’s more in line with your means and possibly a longer repayment period.
We can explore which is best for you together.
What can I do to protect my assets?
Speak to us and we can advise on a strategy that accounts for your unique circumstances. It is not wise to try and protect your assets from liquidation without expert knowledge.
Transferring homes, businesses, vehicles, and other assets before a Chapter 7 bankruptcy filing in Tennessee can appear fraudulent and bring negative consequences.
Seek help to understand more about maximizing your exempt assets.
Am I going to have to find an attorney?
An attorney is an invaluable resource for you as you navigate filing for Chapter 7 bankruptcy in Tennessee. They give you legal counsel that helps you understand your situation better and what to do for a successful filing. The more hands-on work they do includes ensuring that your filing is accurate, meets all requirements, and is made on time.
So when should I contact an attorney?
Don’t wait until creditors are chasing after you. Look for an attorney at the earliest sign that you won’t be able to make your payments.
The sooner you act, the more you can prevent situations such as home foreclosure or the execution of liens on your property.
Bankruptcy Partners, PLLC wants to help you with filing for Chapter 7 bankruptcy in Tennessee
Filing for bankruptcy and the events that come before it are difficult. We understand. And we are consumer debt lawyers who can protect you from intimidation and badgering by creditors. Let’s go over whether this is the right option, then let us handle it all for you.
Give us a call today at 865-424-5200.
If you prefer that we reach out to you, leave a message on our contact form. Another way to get in touch with us for legal debt relief is to send an email to info@tnbankruptcylaw.