Hendersonville Chapter 7 Bankruptcy Lawyer

Chapter 7 Bankruptcy Attorney In Hendersonville

Living with immense debt can have negative effects on your quality of life. Constant calls from debt collectors, the weight of unpaid bills, and the fear of never escaping the situation are likely to impact your emotional state. Fortunately, there are some options for people feeling buried under consumer debt. One potential option is filing for bankruptcy. A skilled Hendersonville Chapter 7 bankruptcy lawyer can help you through this process if you qualify.

With deep ties to the Sumner County community and a strong background in bankruptcy law, the Kerney Law Firm team aims to be a trusted source for those in the Hendersonville area facing bankruptcy. We have helped hundreds of our community members regain financial control of their lives by getting their debt discharged through bankruptcy filings. For individuals unsure if bankruptcy is necessary, recognizing key signs that bankruptcy may be the right option can offer valuable insight. We can work with you to determine the right type of bankruptcy to file and steer you through the process, beginning to end.

Exploring Bankruptcy in Tennessee

It is crucial to understand that declaring bankruptcy should be seen as a way to move forward with your life instead of as a failure. Regardless of the decisions that led to the high debt accrual, you deserve the opportunities that can come with a successful bankruptcy filing.

In 2023, there were 7,785 Chapter 7 bankruptcy filings and 11,756 Chapter 13 bankruptcy filings in Tennessee. Each of these people looked at their debt and decided to take control through bankruptcy. Bankruptcy is not an uncommon practice and should be utilized when needed.  Many debtors also worry about the process, but learning how bankruptcy works in Tennessee can help reduce fear and uncertainty. An experienced Bankruptcy lawyer can help you understand the bankruptcy laws in details.

Chapter 7 Bankruptcy

In Hendersonville, TN Not all bankruptcy types work the same, so determining the most beneficial bankruptcy type for you and your family is crucial to building a brighter financial future. Chapter 7 bankruptcy, or liquidation bankruptcy, helps people eliminate their unsecured debts by selling non-exempt assets and using the proceeds to pay creditors. Typical examples of unsecured debt include credit card debt, medical bills, and payday loans. Understanding which debts are dischargeable under Chapter 7 is key, and our team can explain which debts can be eliminated through bankruptcy.

There are many advantages to filing a Chapter 7 bankruptcy, including:

• Clean slate. Though you will lose some assets to pay off creditors, it will allow for a clean slate once the bankruptcy process is complete.
• Exempt assets. Not all assets must be sold to pay creditors. Through state bankruptcy law, some assets can be retained during a Chapter 7 bankruptcy. Common exemptions include equity in a primary residence, equity in one vehicle, personal property, retirement accounts, and tools required for a trade or profession.There is also a wildcard exemption, which allows filers to choose personal property or money valued at up to $10,000 to be exempt.

• Creditor block. Creditors must cease contact with you after filing a Chapter 7 bankruptcy. All letters, phone calls, garnishments, and lawsuits must be stopped.

Recovering From Debt

It is not uncommon for Americans to carry debt; the average consumer carried just under 100,000 in debt in the third quarter of 2021. Carrying this debt is not always an issue. Issues arise depending on the type and value of the debt, as well as how the debt is being managed.

For some, filing Chapter 7 provides that “fresh start” many debtors seek—bankruptcy can offer a renewed financial outlook.

If you are weighed down by immense consumer debt that you cannot reasonably pay, Kerney Law Firm may be able to help you file Chapter 7 bankruptcy. Our compassionate and skilled team can support you through this difficult process by creating a plan that sets you up for the most success following your bankruptcy filing. Before moving forward, many clients also wonder whether they’ll pass the means test required for Chapter 7 eligibility.

When you are ready to begin discussing whether bankruptcy is the right choice for you, reach out to our office for a comprehensive consultation.

Hendersonville Chapter 7 Bankruptcy Resources:

• What Is the Difference Between Chapter 7 and 13 Bankruptcy?
• Can One Spouse File for Bankruptcy in Tennessee?
• How Bankruptcy Filers Can Protect Their Assets from Liquidation
• How Does Bankruptcy Affect Your Credit in Tennessee?