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Chapter 7 Archives

A Chapter 7 bankruptcy can be revoked in some cases

When a Tennessean takes the step to file for Chapter 7 bankruptcy, it is done with the expectation that they will receive a discharge for their debts and they can move forward free of their financial challenges. However, it is not a guarantee that filing for Chapter 7 will lead to the discharge with no subsequent issues. The reality is that the discharge can be revoked. Understanding when this can happen and other possible sticking points to a bankruptcy is a solid strategy to avoiding them.

How much is the homestead exemption under Chapter 7?

Tennessee debtors feeling overwhelmed by what they owe to creditors and other entities might not know what to do about their debts. Chapter 7 bankruptcy is often a viable option, but certain concerns will preclude some debtors from moving forward. One issue is what property is exempt, which itemps a person can keep. Knowing what falls into the exempt will provide a foundation as to whether Chapter 7 is the preferable option.

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?

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

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