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What to file to start a Chapter 7 bankruptcy case

Bankruptcy is an area of the law that provides Tennessee residents with legal options for overcoming their financial burdens and debts. While some individuals with sufficient incomes may use Chapter 13 bankruptcy to manage the repayment of their outstanding debts, others may find that Chapter 7 bankruptcy's liquidation process is more suited to their needs. Certain documents must be provided to the bankruptcy courts in order for a Chapter 7 petition to begin.

First, a debtor must file a petition with the court to start their bankruptcy. The petition will include important information about the person who is filing as well as the relief that they are seeking from the court. Other documents are also required to begin a Chapter 7 bankruptcy.

With the petition a debtor must file a list of all of their assets and liabilities. A person's assets include anything that they own that advances their wealth, while their liabilities include all of their outstanding loans, debts and mortgages. This list provides a court with an accurate picture of the debtor's true financial situation.

Additionally, a debtor must file a schedule of their income as well as their expenses, a list of any contracts they have outstanding at the time of their filing, and a full statement of their financial affairs. All of these documents are necessary to ensure that a bankruptcy court can make a fair and sound ruling on whether the debtor's Chapter 7 petition should be honored. Getting these and other documents in order can take work, and many individuals choose to work with bankruptcy attorneys when they are preparing their petitions and documents for bankruptcy protections and relief.

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

Phone: 423-624-4002
Toll Free: 800-257-7594
Fax: 423-624-0509
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