Nashville Chapter 7 Bankruptcy

Personal Bankruptcy Attorneys

Robert Scruggs of Nashville provides information on how filing Chapter 7 bankruptcy can work for an individual who needs personal debt relief. Chapter 7 is the personal liquidation of non-exempt properties to pay off creditors. It is the quickest and easiest type of personal bankruptcy for individuals, partnerships, and corporations.

The exempt property, which is also known as property retention, is what the debtor is allowed to retain. State law usually specifies exempt property, although some states allow for a debtor to choose which exemptions work in their favor. When determining exempt property from non-exempt property a debtor should consult with a attorney experienced with Nashville personal bankruptcy to see what exemptions will apply to their Chapter 7 bankruptcy case.

Resolving Chapter 7 bankruptcy in Nashville

Chapter 7 bankruptcies can be resolved in approximately four to six months, with only one court date and inexpensive filing and administrative fees. Throughout the personal bankruptcy process a debtor must go through credit counseling provided by the United State Trustee. It is important to know that the new bankruptcy law increased the time a debtor must live in a specific state before they can file bankruptcy using the state’s exemption laws. This is to prevent people from moving to a state that has more lavish exemptions before filing Chapter 7.

Once an insolvency lawyer has assisted a debtor with filing personal bankruptcy, a creditor meeting will be held at court. Once the creditor meeting has concluded, the creditors have 60 days to stop the debtor from getting out of their debts. If they do not file an appeal, the court will grant the debtor the dismissal of all debt payments that are eligible to be discharged.

Individuals could potentially have personal loans, credit cards, repossession deficiencies, auto accident claims, judgments, business debts, leases, guaranties, and negligence claims debts discharged. Not all debts are discharged in a Chapter 7 case such as debts for child support, taxes, debts for personal injury caused by the debtor, debts for criminal compensation orders, and debts that have been appeals by the creditors.

For information regarding a specific Nashville Chapter 7 case, contacting a Nashville bankruptcy law firm is in a debtor’s best interest to ensure that they are taking the proper steps.

For more information on Chpater 7 in Nashville, call (615) 866-5519 today for a free consultation from Robert L. Scruggs or send an email to bankruptcy@scruggs-law.com.