Tennessee Bankruptcy Attorneys
To file bankruptcy in Tennessee you need the best legal advice possible. Get out from under excessive debt and stop the aggressive and annoying creditors from harassing you.
Start today by taking our free confidential legal evaluation. A highly skilled bankruptcy attorney near you will contact you to discuss your possible case. Our attorneys are from well-established law firms that deal exclusively in consumer debt. We can guide you through the confusing bankruptcy process and help you keep your money and assets.
Contact on of our attorneys today and get the financial fresh start you deserve.
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Bankruptcy in TennesseeFiling Tennessee Bankruptcy and Other Valuable Information
Filing bankruptcy in Nashville, or other Tennessee cities, is something most people do not want to think about or talk about. It is something that a lot of people see as complete failure and disaster.
Even though it is something that you probably do not want to think about or consider, you may have reached a point where it is impossible to pay your debtors. If this is true, it is an option that you may need to look into.
It may help to have a clear understanding of what bankruptcy is. Bankruptcy is defined as, "a legally declared inability or impairment of ability of an individual or organization to pay its creditors." It is legal insolvency. Bankruptcy is a legal surrender of your remaining assets into the hands of your creditors.
In the United States, bankruptcy is placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact "uniform laws on the subject of bankruptcies throughout the United States." The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.
Bankruptcy cases are always filed in United States Bankruptcy Court, which is an adjunct to the U.S. District Courts. However, bankruptcy cases, particularly with respect to the validity of exemptions and claims, are often dependent upon law. Because of this, it is usually not possible to generalize bankruptcy law across state lines.
For this reason, it is important for you to know the Tennesee bankruptcy laws. If you plan on filing bankruptcy in Tennessee, you need to know the laws as they relate to you. You will probably need the help of a bankruptcy lawyer who can help you understand how Tennessee laws for bankruptcy will affect your case.
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Chapter 7 and Chapter 13 basics
The personal bankruptcy most often filed in Tennessee is Chapter 7. This involves you handing over your non-exempt property to a bankruptcy trustee. The trustee then sells (liquidates) your property and the proceeds are distributed to your unsecured creditors. In exchange for this, you receive a discharge of some of your debt.
The other personal bankruptcy that is often filed here is Chapter 13. This type of bankruptcy allows you to keep ownership and possession of all of your assets. In return, a portion of your future income is allocated for repaying your creditors. This process lasts for three to five years.
Two basic forms of financial relief are given by bankruptcy. One is Chapter 7, which is also known as "liquidation" or "straight" bankruptcy. As mentioned above, Chapter 7 is where your estate is liquidated and your assets are distributed to your creditors. However, in many instances your assets are exempt. Many people who file Chapter 7 in Nashville have no non-exempt assets to liquidate. These are referred to as "no asset" bankruptcies. The bottom line is that you do not lose anything.
The other type of relief provided by bankruptcy is Chapter 13. It is also called "reorganization" or "rehabilitation" or bankruptcy. Chapter 13 is a good deal different from Chapter 7. Chapter 13 gives you a chance to keep your property that is not exempt. A repayment plan is devised that enables you to reschedule payment of your secured debts over a time of three to five years.
While Chapter 7 may look great, Chapter 13 could actually be what you need. Chapter 13 allows you to discharge more types of debts than Chapter 7 does. Also, the court may say that all of your assets have to be liquidated, but Chapter 13 may let you keep more of your assets.
In addition, you may not be eligible to file Chapter 7. If your income is above a certain level you cannot file Chapter 7. Your only other option is Chapter 13.
Even though you choose one or the other, it may not be the final decision. It is possible for your case to be changed to a different chapter after your bankruptcy proceeding has begun. If this does happen, your case cannot be changed back again.
If you can file Chapter 7 in Nashville or other Tennessee cities, you are allowed to use federal exemptions in Tennessee. You are permitted to use these along with your Tennessee state exemptions.
A bankruptcy lawyer will know if you are eligible to file Chapter 7. He or she will know how to take full advantage of the federal and state exemptions. If you are eligible to file Chapter 7 or Chapter 13, your Tennessee bankruptcy lawyer can help you choose the one that is best for your present financial situation.
The important thing is to be sure and choose a knowledgable bankruptcy lawyer. They are the ones who specialize in the highly specialized field of bankruptcy law. Bankruptcy lawyers work with bankruptcy cases on a daily basis. They are up to date with the latest changes and updates that are made in Tennessee bankruptcy law.
BankruptcyHome.com is where you will find an experienced Tennessee lawyer who will help you make the right bankruptcy decisions.
This decision may affect you and your family for the rest of their life. You deserve the best advice possible from a bankruptcy lawyer near you.
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Filing a Chapter 13 Bankruptcy in Tennessee
7 Reasons for Filing Chapter 13
According to the Middle Tennessee Bankruptcy Court, which serves Nashville and the surrounding areas, there have been 6,845 bankruptcy filings since the beginning of 2011. No matter where you live or what you do, everyone may face financial failure, especially during a recession. If you have experienced hard times and have been forced into bankruptcy, what type bankruptcy should you file?
There are two types of bankruptcies most individuals can file- Chapter 7 or Chapter 13 Bankruptcy. Chapter 7 Bankruptcy, commonly called liquidation of your assets, is normally the simplest and quickest form of bankruptcy. It is available to individuals, married couples, corporations, and partnerships. Chapter 13 Bankruptcy is the second bankruptcy available to individuals and is called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts.
Chapter 13 Bankruptcy offers a number of advantages over liquidation under Chapter 7 bankruptcy including:
- To save your home from foreclosure : Filing Chapter 13 Bankruptcy can stop the foreclosure proceedings and prevent the home from being liquidated by Chapter 7 Bankruptcy. The reorganization plan can give the homeowner time to catch up on their mortgage payments and prevent foreclosure.
- To reschedule secured debts : Other than a mortgage for your primary residence, you can reschedule any other secured debts over the life of the Chapter 13 plan, possibly lowering the payments. Under Chapter 7 Bankruptcy, all liens will be satisfied.
- To provide protection for co-debtors : If you file for Chapter 7 Bankruptcy, your co-debtor will be liable for the debt and will be at the creditor's mercy. Under a Chapter 13 Bankruptcy, the creditors cannot continue any collections from a co-debtor as long as payments are being made on time.
- To keep non-exempt property : As determined by state laws, you are allowed to keep only exempt property when filing Chapter 7 Bankruptcy. If make your payments on time, Chapter 13 Bankruptcy allows you to keep all property including non-exempt property.
- To consolidate your loans under one plan : A Chapter 13 Bankruptcy trustee is appointed to make payments to all the creditors. You will pay just one person, the trustee, for all your debts. Under Chapter 7 Bankruptcy, the trustee liquidates all non-exempt assets to pay debts.
- To extend certain tax obligations, student loans, or other such qualifying debts : In Chapter 13 Bankruptcy, you can pay these debts off three to five years, but there is no relief for these type of debts under Chapter 7 Bankruptcy.
- To qualify for bankruptcy relief : You won't be allowed to file for Chapter 7 Bankruptcy if you cannot meet the Means Test imposed by the 2005 revisions to the bankruptcy law. If your average income over the past six months is more than the median income for a family your size in your state, or if you have discretionary income after deducting taxes and living expenses that exceeds certain limits set by law, you will not be eligible for Chapter 7 Bankruptcy. Your only relief for a bankruptcy would be to file Chapter 13 Bankruptcy.
Means Test - as defined in our Bankruptcy Glossary
Bankruptcy Court - as defined in our Bankruptcy Glossary
Liquidation - as defined in our Bankruptcy Glossary
Choosing the appropriate bankruptcy can be a complicated. If you need relief from the stress of debt and you live in or around the metropolitan area of Nashville, Tennessee, contact us at www.BankruptcyHome.com . We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.
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