Chapter 7 Bankruptcy

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. Read more about your options for your secured debt here 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.