Lebanon Chapter 7 Bankruptcy Lawyer

Lebanon Chapter 7 Bankruptcy Attorney

Filing for bankruptcy can feel overwhelming, especially if you’re handling it without legal support. At Kerney Law Firm, our skilled Lebanon Chapter 7 bankruptcy lawyers understand how you’re feeling. We are dedicated to guiding you through bankruptcy and providing the advice, support, and legal representation you need to ease some of the stress.

Chapter 7 Bankruptcy

In Tennessee, 19,678 people filed for bankruptcy in the most recent recorded year, which means that you are not alone when it comes to filing. Chapter 7 is the most common type of bankruptcy for consumer cases in the U.S. and is often called “liquidation bankruptcy.” It is the quickest and simplest way to regain control over your finances. It helps individuals achieve a “fresh start” by eliminating any unsecured debts, including:

• Medical bills
• Credit cards
• Payday or personal loans
• Utility bills

Medical debt remains one of the most common reasons individuals seek bankruptcy protection. Many debts like medical bills can often be discharged through the Chapter 7 process.

Chapter 7 allows individuals to keep debts that are secured by collateral, such as a home or car. However, some debts are not eligible to be wiped out in Chapter 7, such as IRS taxes, restitution, child support, and student loans. Depending on certain financial hardships, student loans may qualify for discharge under specific circumstances. The process for reviewing student loan discharge options is available under bankruptcy law.

Once you file Chapter 7, your creditors are legally required to stop attempting to collect. This includes phone calls, wage garnishments, letters, and lawsuits. The automatic stay goes into effect immediately upon filing, halting collection actions and giving much-needed relief. This protection is one of the key benefits of filing.

Who Qualifies for Chapter 7 Bankruptcy?

To qualify for Chapter 7 bankruptcy in Tennessee, you must:

• Pass the means test. Your income must be below Tennessee’s median income.
• Show financial hardship. You will need to demonstrate that repaying your debts would cause significant financial difficulty.
  In many cases, job loss becomes a primary reason individuals turn to bankruptcy for relief.Loss of employment often leaves people struggling to keep up with debts.
• Complete credit counseling. Federal law mandates that you finish a credit counseling course from an approved agency within 180 days before filing. This can be done online or over the phone.
• Not have had a Chapter 7 discharge within the last 8 years.

How Do I File Chapter 7 Bankruptcy?

While preparing for and filing for bankruptcy in Lebanon, TN may feel daunting, having knowledgeable legal representation can simplify each step and help avoid costly mistakes. Understanding common bankruptcy myths can also ease concerns before filing.

The Initial Steps

You and your skilled Bankruptcy lawyer will start by preparing forms that outline your financial situation, which will include listing your assets, debts, income, and expenses. The forms are available online. You will also have to complete your credit counseling course. This step is required under federal law and helps ensure you’re fully informed before moving forward. Certain bankruptcy preparation steps help ensure your filing is complete and accurate.

Filing Your Case

Once your forms are complete and you’ve finished your credit counseling, you can file them at the U.S. Bankruptcy Court for the Middle District of Tennessee and pay the filing fee of $338. You will then receive a notification by mail with a meeting date that you must attend. After that, you are required to take a second course in financial management.

At this stage, many individuals attend what’s known as the 341 Meeting of Creditors, which allows the trustee to review your case and ask any necessary questions. Knowing how to prepare for this meeting can make the process much smoother.

Discharge

Once you’ve fulfilled everything, your bankruptcy discharge will be granted, and you can continue on your journey to financial freedom.

Chapter 7 Bankruptcy Attorney Serving Lebanon and the Surrounding Areas

Facing overwhelming debt can be challenging and stressful. If you’re considering Chapter 7 bankruptcy, you need the support of an experienced bankruptcy lawyer. Kerney Law Firm is here to provide compassionate and knowledgeable legal guidance throughout the entire bankruptcy process. Contact us today, and let us help you explore your options.

Lebanon Chapter 7 Bankruptcy Related Resources:

• What Types of Debt Are Dischargeable in Bankruptcy

• Consequences of Not Filing for Bankruptcy in Tennessee

• Key Steps to Ensuring the Completion of the Bankruptcy Process

• How Bankruptcy Filers Can Protect Their Assets from Liquidation

• How Does Bankruptcy Affect Your Credit in Tennessee

• Two Reasons Bankruptcy Is an Opportunity for Success