Gallatin Bankruptcy Law Blog

Understanding exemptions for bankruptcy in Tennessee

Sometimes individuals experience hardships in their lives that create financial worries. In such cases, utilizing the bankruptcy process can help them gain a fresh start.

If you or a loved one is considering undergoing the bankruptcy process, it is important to understand how it works and how it will affect you overall. Exemptions may have a strong impact on your bankruptcy as a whole. By understanding a few key things about exemptions, you may properly position yourself to gain from the bankruptcy process.

What types of debt are dischargeable in bankruptcy?

If you are thinking about filing for bankruptcy in Tennessee to get a fresh financial start and protect your home, cars and other assets from repossession, you should take some time to learn about the types of debts that are dischargeable. You may have many kinds of debt that you are struggling to pay. However, the type of relief you receive from those debts is dependent on your circumstances and the type of bankruptcy you file for. 

Here is a brief overview on debts that are dischargeable in bankruptcy. 

Can a bankruptcy help if I am behind on my mortgage?

Foreclosure is among the top fears Tennessee homeowners face when they begin experiencing financial problems. In most cases, getting 3 or more months behind on your payments can spur mortgage companies to action, including stopping acceptance of any payments and beginning foreclosure.

Chapter 7 may not work

5 myths about filing for bankruptcy

Filing for bankruptcy is a serious decision and one that most people resort to when they have exhausted other possible avenues for settling burdensome debt. You may be among those who are struggling financially but have heard terrible tales about bankruptcy and wonder if you should even consider filing. Here are five myths about this process that should be debunked.

Can you eliminate medical debt though bankruptcy?

One accident or prolonged illness can lead to medical bills that may be impossible for your family to overcome. Health care is quite expensive, and the cost of emergency or long-term care can overrun a victim and his or her family to the point that it affects other areas of their financial life. Medical bills are a real problem for many Americans, and they may be for you too. However, there is hope.

Even if you have health insurance, the accumulation of medical bills can quickly outpace your ability to pay. If you are left with a huge bill and are unsure of how you can manage all of your financial obligations, you should know that medical debts are eligible to be discharged through bankruptcy.

What is the difference between Chapter 7 and Chapter 13?

If you are struggling with debt and the stress that comes with it, you may want to consider bankruptcy. Understanding the differences between Chapter 7 and Chapter 13 will help you make the right choice.

What is Chapter 7 bankruptcy?

If you have few assets and earn at or below the medium Tennessee income, you can easily qualify for Chapter 7. Chapter 7 bankruptcy is easier to file and is the most effective way to eliminate your debts Unlike Chapter 13, there is no repayment plan. Since the process moves faster, you can get debt relief in as little as three months and move on with life.

How does bankruptcy work?

Bankruptcy is a way for individuals to eliminate - or greatly reduce - their debts. It is a legal process with many steps and complexities. The first step, when contemplating bankruptcy, is to determine whether you qualify for Chapter 7 or would benefit from Chapter 13.

Chapter 7 or Chapter 13?

Chapter 7 is a more efficient path to debt relief. It is often the best path for people who do not earn a high wage or are not homeowners. If you have more assets than you can protect under Chapter 7, Chapter 13 may be a better option. The way to determine which chapter to use is through the means test.


Christopher Kerney Attorney at Law
102 Public Sq
Gallatin, TN 37066

Phone: 615-206-3004
Fax: 615-451-0084
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