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Chapter 7 Archives

Chapter 7 bankruptcy filings go up around tax day

Contrary to what many Tennessee residents may believe, many, if not most, people who file for bankruptcy are not those who have no job or income. In a good number of cases, bankruptcy filers may now have an income, but fell behind on bills due to an illness or prior unexpected period of unemployment or other unforeseen circumstances. This means that many people who are contemplating filing for bankruptcy also file federal income tax returns, and may even get income tax refunds.

What is a 'means test' in Tennessee Chapter 7 bankruptcy?

Filing for bankruptcy can help Tennessee residents get a fresh start on their financial lives. Whether they became saddled with debt they can't pay through loss of a job or unexpected expenses, such as sudden illness, a Chapter 7 liquidation may be able to get them out of dire economic straits. However, not everyone has a right to debt discharge through bankruptcy, and recent federal laws have attempted to deal with what some people claim is an 'abuse' of the process.

Understanding objections to a Chapter 7 discharge

Tennesseans who have reached the point in their financial struggles that they decide to move forward with a Chapter 7 bankruptcy must be aware of certain facts about filing. For example, there might be a misplaced belief that the debtor is automatically entitled to a discharge of debts. This is not the case. Understanding all the various issues that can arise during a Chapter 7 filing can avoid any surprises and help the person prepare for them.

If you have filed for bankruptcy once can you file a second time?

Bankruptcy is meant as a second chance for Tennesseans who find themselves in a financial struggle, whether because of runaway medical bills, a business venture gone awry or some other cause. But sometimes a second chance is not enough. Sometimes a person gets sick again or tries another promising business that ultimately does not work. In these, and other instances, a person may need a third chance. Does bankruptcy law give hope for those in need of a third chance?

What is the role of a bankruptcy trustee?

When a Tennessean gets too far into debt, one option is to file for bankruptcy under Chapter 7. Filing can put an immediate halt to a creditor's debt-collection efforts while starting the process towards a fresh financial future. One player in that process is a bankruptcy trustee. What is the trustee's role?

Concealing assets during bankruptcy is a bad idea

For some Tennesseans, making the decision to file for Chapter 7 bankruptcy is hard. For others, the call is easy to make. Whichever camp a person falls in, the next step is to prepare. And that begins with identifying assets so they can be listed in the bankruptcy filing. But, some people play fast and loose with this step; some people leave assets off their filing. What are the consequences of doing so?

What are the pros and cons of filing for bankruptcy?

When Tennesseans get trapped under the crushing weight of debt, the challenge of breaking free can seem impossible. But there are options available. One option is to file for bankruptcy. Doing so can be the first step towards putting that debt in the rear-view mirror. But, at the same time, filing for bankruptcy is not for everyone.

Can a person eliminate tax debts through Chapter 7 bankruptcy?

No one enjoys paying the taxman. But even less fun experience is not paying the taxman and dealing with the consequences. When Tennesseans fail to pay their taxes, they can expect audits, penalties and, in some cases, the possibility of jail time. Scary as these consequences may be, however, some Tennesseans may believe that they need to tempt fate by not paying their taxes. Why? Because they do not have money to pay their tax liability.

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
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