Is Chapter 7 Bankruptcy Right For Me? Nashville Bankruptcy Attorneys Are Here to Guide You.
Chapter 7 Bankruptcy allows individuals to wipe out, or discharge, their unsecured debts and not pay them. The most common examples of unsecured debts are medical bills, credit cards, payday loans, and deficiency balances from repossessions or foreclosures. These debts and many other debts can be wiped out in Chapter 7.
Some types of debts cannot normally be wiped out in Chapter 7. These may include student loans, taxes owed to the IRS, criminal fines, restitution, and child support. In most instances, you would still owe these debts after you complete your Chapter 7.
If you also have secured debts such as a car or home which you are making payments on, you may be able to keep this property if you can continue to make regular payments on the debt and remain current and up to date on the contract.
The whole Chapter 7 process in Tennessee takes approximately 4 to 5 months from when you originally come in to file to when you receive your discharge. Typically, you will only have to go to Court once, about 40 days after you file. Your employer is not normally notified in Chapter 7 unless for some reason you owe them money.
From the moment you file Chapter 7 Bankruptcy, your creditors must leave you alone.
This includes garnishments, phone calls, letters, and lawsuits; all of these actions must be stopped immediately. This is called the Automatic Stay.
How Much Does It Cost to File Chapter 7 Bankruptcy?
Your attorney fees at Flexer Law include everything you need to file your case:
Bankruptcy Court filing fee
Up-to-date credit report
Required credit counseling course fee
Core attorney services
We know that money may be tight as you are going through the bankruptcy process, so my office allows you to pay in three (3) monthly installments. Our office offers a discount to you if you are able to pay your attorney fees up front instead of paying in installments. Contact us today to discuss your payment options to file your bankruptcy case and get the fresh start you need.
Will I Lose Everything If I File Chapter 7?
The answer is: NO. It’s not likely. Your household furnishings, money in the bank, tax refunds, 401(k), and even any equity you have in your home are covered by exemptions.
Schedule a Free Bankruptcy Consultation Today, Have Peace of Mind Tomorrow
It’s a good idea to ask questions regarding your options and rights before deciding to file for bankruptcy. At Flexer Law, you can meet with an experienced bankruptcy attorney in Nashville, Murfreesboro, or Columbia to get all of your questions answered before you file. The initial consultation is free and can help you determine if filing a Chapter 7 bankruptcy is the right decision for you.