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What is Chapter 7 bankruptcy?

Bankruptcy is a legal path to resolving financial debts and obligations. There are different types of bankruptcy that may serve the different needs of individuals, and one of those types of bankruptcy is Chapter 7. Tennessee residents who are interested in learning more about Chapter 7 bankruptcy may find this post useful but as with all legal matters they are also encouraged to discuss their individual bankruptcy needs with their own legal representatives.

Chapter 7 bankruptcy is sometimes called liquidation bankruptcy because it requires individuals to sell off or "liquidate" items of their own possession. For example, a person may have to sell furniture, artwork, jewelry, vehicles and other property items in order to have sufficient money to pay off their creditors. Individuals who have enough income to make a repayment plan for their creditors may not be eligible for Chapter 7 bankruptcy and may instead have to pursue Chapter 13 bankruptcy.

Chapter 7 bankruptcy is not for everyone and will not eliminate all of a person's debts. Generally, debts that are incurred due to legal orders such as child support or civil judgments cannot be discharged through the bankruptcy process. It is therefore important that individuals understand how their financial objectives will be addressed through this specific form of bankruptcy.

At the end of a Chapter 7 bankruptcy a person may find that they are both liberated from many of their debts and in a better position to build a more stable financial future. With the help of a bankruptcy attorney an individual can investigate the best form of bankruptcy for them and work toward eliminating the debts and obligations that have been holding them back.

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

Phone: 931-444-3153
Fax: 931-278-6642
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