Debt can be a crippling feeling that weighs heavily on your mind every day. Trying to keep your head above water with your finances when you’re weighed down by piles of debt takes a toll on your mental health and interpersonal relationships. Fortunately, there’s a way out. If you can’t recover from the debt that you’ve argued, Chapter 7 bankruptcy might be the solution for you. If you’re in it on your own, filing for bankruptcy in TN can feel like a daunting process. With the help of Bankruptcy Partners, PLLC, you can get started now by reading our guide below.
Meet with an attorney
If you feel like bankruptcy is the right path for you to get your finances in order, the first thing to do is meet with a bankruptcy attorney. This meeting is a starting point for you in the bankruptcy process. Your attorney can assist you with evaluating your debts, income, and chances of getting your debts forgiven (or discharged). Additionally, your attorney will provide you with information regarding previous cases they’ve worked on that are similar to yours and the final result. They’ll also be there with you throughout the process to ensure that you’re treated fairly by the courts.
Go through credit counseling
Before you can initiate the process with the courts, you need to go through credit counseling. These classes are offered by organizations that are accredited and approved by the Department of Justice. These classes can be completed online or by phone and typically take about an hour. Credit counseling is required so that you can consider your available options like debt consolidation, debt settlement, or even repaying specific debts. It’s common to learn that bankruptcy is your best option after completing counseling, but it can provide valuable information for the future.
File with the bankruptcy court
To get the process initiated, you need to first file your claim with the bankruptcy court. Here, a judge will decide if your case is eligible for a bankruptcy claim. The forms that you fill out and give to the courts are typically about 70 pages and ask everything about how much money you make, how you spend it, and how much you owe your creditors. You can work with your attorney to ensure that all of your information is current and correct. Additionally, they can assist you with the process of filling out the rigorous form.
Pass a means test
A means test is designed to provide the state information about your family income. To “pass” the means test, you must report a household income below that of the median for the state of Tennessee. The means test will determine if you’re eligible for a fee waiver and requires that your income is under 150% of the poverty level for your household size.
Contact us for help
If you’re considering filing for bankruptcy in TN, you don’t have to go about the process alone. The lawyers at Bankruptcy Partners, PLLC are here to help walk you through the process. Our experts understand that filing for bankruptcy is both frustrating and scary, but we’ll make sure that you get on the path to a brighter financial future. Please don’t hesitate to reach out by giving us a call at 865-424-5200. If you’re not quite ready to begin, we can answer your questions via email. Send a message using our contact form or email us directly at firstname.lastname@example.org. We’re here to be your advocate.