Nashville Bankruptcy: Chapter 7

Nashville law firm for bankruptcy liquidation

Most Tennessee residents who are eligible for Chapter 7 bankruptcy liquidation have few assets and a modest income–or no income at all. If you own a home and you hope to keep it, you must continue to make the mortgage payments, even in bankruptcy. For clients with sufficient funds for such payments, we may recommend using Chapter 13 bankruptcy instead of Chapter 7.

Qualifying for Chapter 7 bankruptcy in Nashville

To qualify for Chapter 7 bankruptcy, you must pass the means test. That is, you need to show that you actually do not have the means to pay off your debt. We have to prove that you earn less than half the median income for your family size in Tennessee. If we find that your income is over the limit, we work to identify legal deductions from your earnings to help you pass the means tests and qualify for Chapter 7 in Nashville.

You can keep your Tennessee exempt assets

You may be worried about losing everything by filing a Clarksville Chapter 7 bankruptcy. This is unnecessary, as there are assets and income streams which are exempt from liquidation, including the following:

These exempt assets are items that you can keep when you file Chapter 7 bankruptcy.

Liquidate your assets and discharge your debts

If you qualify for a Gallatin Chapter 7 and you are satisfied with the exemption scenario, our experienced bankruptcy attorneys will help you file a Chapter 7 bankruptcy petition.

Meeting of the creditors (341 hearing)

Around a month after we file your Murfreesboro Chapter 7 bankruptcy petition, there is a meeting of the creditors, also known as a 341 hearing. A court-appointed bankruptcy trustee asks you some routine questions about your debt and your finances. Your creditors may also ask you questions—and petition against your debt elimination requests.

Liquidation and discharge

The bankruptcy trustee has 60 days after the meeting to make a recommendation to the court. With our legal support, you have a strong chance of your Chapter 7 bankruptcy being accepted. When you receive your discharge, the trustee liquidates your non-exempt assets and you are almost entirely debt-free. To learn about the debts that are not discharged, click here.

a bankruptcy lawyer in Nashville can help you get fast relief from your overwhelming debt

If you are committed to resolving your debt problem, we can help you get a Chapter 7 bankruptcy discharge within three to six months. We will help you decide if a bankruptcy filing will achieve your financial goals. For a free initial consultation with a Middle Tennessee bankruptcy lawyer in Nashville, serving Murfreesboro, Gallatin, Clarksville, and Franklin as well, contact Rothschild & Ausbrooks, PLLC.