Chapter 7 Bankruptcy in Tennessee
Does this scenario sound familiar? You ran into financial trouble and had to use your credit card. You were late on your card payment, so the rates went up. You moved your debt to another card. You refinanced your house to pay off the credit card debt. Your mortgage payment is now too big so you started using your credit card again.
Debt can be a vicious cycle. We can help end it so you can start over.
David Holmes, Bankruptcy Law is a law firm that focuses strictly on bankruptcy law. Our attorneys help individuals decide whether Chapter 7 or Chapter 13 bankruptcy is right for them.
Have Questions About Chapter 7 Bankruptcy?
For you convenience, we have provided some basic background information about bankruptcy and additional information about Chapter 7 bankruptcy and Chapter 13 bankruptcy.
We have also provided the answers to many frequently asked questions.
How Does Chapter 7 Work?
In Chapter 7 you can eliminate your debts except the debts that you choose to keep paying and the debts that are non-dischargeable under the law.
A non-dischargeable debt is one that you must pay. The debt can not be eliminated through a bankruptcy discharge. The most common non-dischargeable debts are:
- Child support
- Student loans in most cases
- Recent income taxes (three years or less)
- Business sales tax or income tax withholding
Debts that you may choose to keep paying include:
- Mortgage payment
- Car payment
- Payments for other property (boat, motorcycle)
In most cases, the monthly payments must be current in order to keep the property. If you have more equity in the property than is allowed, then the property could be sold and the proceeds divided among all creditors.
Call 615-206-4617
Stop tossing and turning due to money worries. Our law firm helps individuals and families in Gallatin, Portland, Hendersonville, Lebanon and the surrounding area. Let us evaluate your financial situation and help you identify your options. Your first consultation with a lawyer is free with no obligation. Call or send us an e-mail today.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
