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Chapter 7 Archives

What is the basic purpose of a Chapter 7 bankruptcy?

For debtors in Tennessee who are seeking a way to get a fresh financial start, sometimes the simplest questions are the ones that are most difficult to answer. Specifically, it is important to understand the exact purpose of filing for bankruptcy under Chapter 7. This is the most commonly used form of bankruptcy for people who are seeking relief from debtors. Chapter 7 can be filed voluntarily or involuntarily. It will involve the debtor, the trustee and the creditors. The trustee will oversee the asset liquidation by taking possession of non-exempt assets and selling them for cash to be distributed to the creditors.

What are the fees and necessary information for a Chapter 7?

Tennesseans dealing with financial challenges who have decided that filing for Chapter 7 bankruptcy is the best method to get back on stronger financial ground must understand certain facts about a case. There are filing fees, administrative fees and certain information must be provided to the court to proceed. These are clerical issues that should not be a major sticking point to a Chapter 7 bankruptcy, but are still imperative to successfully complete the case.

Discharge unsecured debt with Chapter 7 bankruptcy

For most Tennessee residents who are considering the advantages and disadvantages of filing for bankruptcy, there is one main motivation: address seemingly insurmountable debt. Debt can be a creeping type of problem that finally catches up with you, or it can be the result of a sudden and unexpected turn of events, like the onset of a medical condition or the loss of employment. Whatever the reason, Tennessee residents need to know that bankruptcy is a tool for consumers to get a fresh financial start.

Some people use tax refund to file for bankruptcy

Tax season is in full-swing, and many people have already received their tax return check. For some, a tax return is a chance to plan a vacation or bulk up their savings accounts. But, for others, the financial boon of a tax refund check is apparently just what they need to proceed with the ultimate solution for their debt problems.

Discharging debt with a Chapter 7 bankruptcy filing

Millions of Americans are facing the financial dilemma of overwhelming debt. Tennessee residents are among those who are facing this problem. The elimination of debt can be an elusive goal for many people. Some might explore debt consolidation options. Others might try to plan a budget in order to repay the debts. Others may just "stick their heads in the sand". When a Tennessee resident is facing thousands of dollars of debt, none of the options may seem too appealing.

Chapter 7 may be the key for dealing with overwhelming debt

Filing for Chapter 7 bankruptcy is an honest way for people who are facing overwhelming debt to regain control of their finances and start over with a clean financial slate. After all, even the most responsible individuals in Tennessee could find themselves facing a financial crisis. Perhaps there was a job loss leading to a loss of income, a medical emergency leading to steep hospital bills or any other series of circumstances that could ultimately result in financial ruin, if the right steps are not taken.

What are some positives to filing for Chapter 7 bankruptcy?

Deciding to file for bankruptcy may be one of the biggest financial decisions a person in Tennessee makes in his or her lifetime. Therefore, it is important to be fully aware of how each type of bankruptcy filing works. This post will focus on Chapter 7 bankruptcy. What are some advantages to filing for Chapter 7 bankruptcy?

Chapter 7 trustees have certain duties in the bankruptcy process

While many people in Tennessee may have either considered filing for bankruptcy or know someone who has, it is important to keep in mind that in the end, bankruptcy is a legal process. One part of the legal process that follows a Chapter 7 bankruptcy filing is the appointment of a Chapter 7 trustee. This person is chosen by random and is to be an independent party, although if there is a conflict of interest, he or she can withdraw from the case.

Passing the 'means test' is essential for Chapter 7 bankruptcy

For a variety of reasons, individuals in Tennessee who have decided to file for bankruptcy may prefer to file for Chapter 7 bankruptcy rather than Chapter 13 bankruptcy. Chapter 7 bankruptcy can be finished within a matter of months, rather than the years it takes to complete a Chapter 13 bankruptcy. Moreover, in a Chapter 7 bankruptcy, certain types of debts are simply wiped out, while in a Chapter 13 bankruptcy a court-ordered payment plan is established and must be followed. However, to be eligible for a Chapter 7 bankruptcy, one must pass the "means test," a two-part test that aims to determine if the debtor has any disposable income.

Kenneth C. Rannick, P.C.
4416 Brainerd Road
Chattanooga, TN 37411

Phone: 423-954-7180
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