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How can I file for Chapter 7 bankruptcy?

If you are overwhelmed by debt and cannot seem to find a way to repay it, there are ways for you to have your debts forgiven in Tennessee. Under Chapter 7 bankruptcy, many of your unsecured debts will be discharged, including credit card, personal loan and medical debt. You will get to keep exempt property, but the rest of it will be liquidated.

To qualify for Chapter 7 bankruptcy, you cannot have filed for Chapter 7 bankruptcy within the past eight years or filed for Chapter 13 bankruptcy within the past six years. If you have mostly consumer debts, you must pass a means test to show that your income is low enough to file.

Once you have qualified, you will first need to file a petition with a bankruptcy court in your area. You will need to provide an account of your assets, finances, current income and other documentation. You must also file a certificate of credit counseling if you are an individual with mostly consumer debts, as well as a copy of a debt repayment plan, if you have one. Once you have paid a filing fee, which you can pay in installments, and filled out all bankruptcy forms, you may officially file your bankruptcy. You will then have a meeting of creditors, where you will be asked questions under oath regarding your financial status. While you may have to give up a number of your assets, you may be able to keep your house and other valuable property.

Chapter 7 bankruptcy may be one of your options, but it may not be your only option. It is important to get more information about the different types of bankruptcy and other legal options and decide what is best for you.

Source: United States Courts, "Chapter 7 - Bankruptcy Basics," accessed on May 8, 2017

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Mathis, Bates & Klinghard PLLC
412 Franklin Street
Clarksville, TN 37040

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