Nashville and Middle Tennessee Chapter 7 Debt Attorneys
The Nashville law firm of David F. Cannon has filed thousands of bankruptcy petitions for people across Middle Tennessee. Our lawyers will help you understand the specifics about how bankruptcy will impact your life. Chapter 7 bankruptcy is a common form of bankruptcy. It does not reorganize unsecured debt into payments like other chapters of bankruptcy.
In a nutshell, Chapter 7 bankruptcy offers individuals an opportunity to get a fresh start by discharging their unsecured debt. The discharge is simply the final part of a Chapter 7 bankruptcy. The information below is a summary of how Chapter 7 works from beginning to end.
Every Chapter 7 bankruptcy begins when a debtor files a bankruptcy petition. Your petition will contain specific information:
- All your property such as a home, automobiles, TVs, furniture and computers.
- Your creditors and the amount they are owed.
- Your average household income over the last six months, including paychecks in the last 60 days, as well as any anticipated increases or anticipated expenses after filing.
- Any executory contracts such as a lease you have entered into.
- A copy of your most recent tax return as well as proof that you have filed all past tax returns.
- Proof that you attended a credit counseling class and received a certificate.
Your bankruptcy petition will also include property you get to keep known as "exempt property." Any property that is not exempt may be subject to liquidation by the Chapter 7 bankruptcy trustee. If you have substantial assets that could be taken from you in a bankruptcy, Chapter 7 may not be a wise choice.
When you file Chapter 7, the Bankruptcy Court will issue an automatic stay. Once the automatic stay is in effect, your creditors and their agents will not be able to collect your debts, call you on the phone, take you to court or garnish your paycheck or checking account.
About one month after your petition is filed, your Chapter 7 trustee will hold a "Meeting of Creditors." In this meeting, you may be questioned by your creditors about debts and assets. The Law Firm of David F. Cannon will be with you during this meeting. Over 90% of Chapter 7 cases are "no asset" cases and the trustee will not have assets to liquidate. Any nonexempt assets the Chapter 7 trustee finds will be liquidated to pay a dividend to the unsecured creditors that file a claim.
Again, practically speaking, most Chapter 7 filings do not involve any assets. After another 30-60 days you will receive your discharge from the bankruptcy judge extending protection against collection of the debt listed in your petition forever Upon receiving your discharge, you are no longer responsible for paying any debts discharged in the bankruptcy.
Contact a Nashville Chapter 7 Bankruptcy Attorney at the Law Firm of David F. Cannon
Call 615-800-3725, toll free at 877-696-8680, or e-mail our law firm to schedule a confidential consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
