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Chapter 7 Archives

Do I qualify for Chapter 7 bankruptcy?

In order to determine if a person will qualify for the protections offered from Chapter 7 bankruptcy, he or she must carefully review a number of factors related to their financial situation. In order to successfully perform this analysis many individuals in difficult monetary situations turn to trusted bankruptcy and debt relief attorneys in their Tennessee communities. These legal professionals can help their clients work through the topics discussed below as well as other important considerations relevant to their prospective bankruptcy cases.

Bankruptcy does not eliminate child support debts

Any Tennessee resident who has gone through a divorce may have experienced the associated challenges that accompany the end of a marriage: emotional turmoil, physical exhaustion and financial uncertainty. When a household has to divide into two due to a divorce, the parties are forced to pay two sets of utilities, two sets of rent or mortgages and two of many other necessary costs. Additionally, one of the parties may become liable to the former partners' children for financial support.

What does it mean to liquidate my assets?

For most people, bankruptcy is not a comfortable topic. A Tennessee resident who has exhausted their capacity to manage and live with their debt may feel as though they have somehow failed if they consider using bankruptcy as a means of relieving the burdensome pressures their loans and other obligations place upon them. However, these uncomfortable sentiments should not inhibit a debtor from recognizing bankruptcy for what it is: a legally sanctioned way to pay off creditors, find financial footing and start one's life over with a fresh economic slate.

Chapter 7 bankruptcy can help those struggling with debt

Life costs money and sometimes its expenses come all at once. Whatever reason you have for taking out personal lines of credit, opening and racked up credit card charges or essentially charging anything with the intent of paying it back later there is a way out. The intentions to pay back the money are always there. However, sometimes things can happen outside of a person's control and it can make paying back debts feel impossible.

Even pro athletes aren't immune to the possibility of bankruptcy

With great success comes the possibility of great failure. While this isn't usually how a person should approach one's success and progress in life, it is something that should be heeded when thinking about money management. Everyday people declare bankruptcy due to debts and other unmanageable expenses. Even professional athletes and their million-dollar contracts are not immune to this fate.

Chapter 7 can mean less anxiety for Tennessee residents

It can happen to anyone. A serious illness occurs to you or someone in your family. You get laid off with little or no notice or severance pay. A major household repair crops up, or the car you rely on to get places needs to be fixed or replaced. Suddenly, you have major debt, and little income, and bills go unpaid. Creditors begin calling and sending letters, and you begin to get less sleep as you lie there wondering what you and your family will do.

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.

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

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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