Gallatin Bankruptcy Law Blog

Will you pass a means test to qualify for bankruptcy?

If life has thrown some financial curve balls at you, you're definitely not alone in your struggle. Many Tennessee residents are currently trying to overcome serious crises that have left them in need of immediate debt relief. Perhaps you unexpectedly became unemployed and are having a tough time making ends meet between jobs. Maybe you incurred other debts you were not prepared to meet.

Often, a key to start overcoming financial trouble lies in knowing what types of options are available. You might be eligible for bankruptcy. There are several types, and there are qualifications you must satisfy to apply for each type. It's possible to be eligible for one kind of debt relief program but not another. If you hope to file for Chapter 7 bankruptcy, you'll have to take a means test first.

Has job loss left you in a difficult financial situation?

A number of events can turn your life on its head in an instant. For example, you may have felt steady and secure in your career choice only to find yourself facing unexpected job loss. Now, as you stare down unemployment, you worry about your financial situation.

This worry is understandable because, without a steady income, you could get behind on your bills, find yourself unable to purchase basic necessities and otherwise overwhelmed financially. Fortunately, you can take steps to lessen the negative impacts that unemployment may have as you search for a new job.

Understanding an automatic stay

Bankruptcy has grown increasingly prevalent across the United States. Small newspapers that fall within the Lakeway Publishers, Inc. umbrella, which produces content in Tennessee, Virginia and Missouri, has recently sought out Chapter 11 bankruptcy protection so it can continue providing local stories to state residents. 

Companies have numerous resources at their disposal to help them through bankruptcy proceedings. As an individual, the whole process may seem daunting, but the truth is that there are only a few legal concepts to familiarize yourself with. One important concept is the automatic stay, which stops all actions a creditor may take against a debtor. It is a major benefit of the proceedings, and it is one of the main reasons why many people pursue bankruptcy in the first place.

3 good reasons to consider filing bankruptcy

Finances are difficult to manage. If things are getting out of hand, you may be considering several potential resolutions, one of them being bankruptcy. Filing for bankruptcy may sound like an extreme decision, but if you do it at the right time in the right way, it can benefit you financially and emotionally. 

Even though bankruptcy may sound scary, it is often the right decision when there is nowhere else to turn. Here are a few indicators that bankruptcy may be the right option for you.

Key elements affecting a tax refund during bankruptcy

As tax season approaches, many people have concerns. For those facing or contemplating bankruptcy, this may compound these concerns.

There are important things to understand about bankruptcy before making certain decisions. In regards to a tax return, consider some aspects that may have a strong effect on your tax return.

Student Loan Discharge and the Bankruptcy Process

If you attended college, did you have to take out loans? Student loan debt is one of the most common lingering financial burden Tennesseans face. While programs have been created to assist those floundering with repaying student loans, there haven’t been many options for those who simply can’t shoulder the overwhelming burden these high-dollar loans can cause years down the road. If you are considering bankruptcy, you may have heard that student loans can’t be discharged. However, there are currently some instances where a discharge of some or all the debt may be possible.

Is Discharge of Student Loans Possible?

Am I going to lose my car in bankruptcy?

Many people mistakenly think of bankruptcy and assume that it necessarily involves liquidation of all one's assets—including your home, car and anything else valuable you might own. On the contrary, there are several different bankruptcy options, and you can retain certain assets in many cases. In short, it is entirely possible to keep your car and successfully file for bankruptcy.

This depends largely on whether you elect to file for Chapter 7 or Chapter 13. In Chapter 7, you may be required to liquidate certain assets, but a car may be an exemption. In Chapter 13, all assets are protected from liquidation. Gain insight on how to keep your car during bankruptcy.

Key steps to ensuring the completion of the bankruptcy process

As consumers become aware of the benefits of bankruptcy, more people are choosing to pursue it. Many find it to be a helpful way to eliminate debt and get back on a healthy financial footing.

There are several steps people must take in order to complete the process in full, and missing any of them may be detrimental. Though many of the steps happen organically, there are a few in particular that require intentional participation on behalf of the filer.

You may be able to save your home in bankruptcy

Countless people throughout the country come to the same realization every day: They have too much debt to realistically repay in their current situation. This moment of truth is often scary and overwhelming, but it is also a step towards the financial freedom you seek. You may be considering bankruptcy, and if so, you likely worry about whether you will be able to keep your home.

According to the Memphis Daily News, Tennessee leads the nation in bankruptcies with filings amounting to more than twice the national average. If you are considering bankruptcy, the following factors may impact your ability to retain your home. 

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.


Christopher Kerney Attorney at Law
519 South Water Avenue
Gallatin, TN 37066

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