Nashville Bankruptcy: Steps for Filing in Murfreesboro, Gallatin, Clarksville, & Franklin, TN
Bankruptcy in Nashville, Tennessee can provide a way to manage and eliminate your debt, and to restore your financial stability by discharging dischargeable debts and dividing your assets among your creditors.
Seek the help of a bankruptcy lawyer in Nashville
The first step to take as you prepare to file bankruptcy in Clarksville is to seek professional help and legal representation through an attorney specializing in bankruptcy law. Legal advice from an experienced lawyer at Rothschild & Ausbrooks can help you save valuable time in your bankruptcy proceedings. It can also help you find the debt settlement approach that is most conducive to your particular needs.
Filing for Chapter 7 bankruptcy
After meeting with and discussing your financial situation with an attorney, you will need to prepare several documents and forms to file with the bankruptcy court, including a bankruptcy petition, schedules, and statements of financial affairs. You will also need to submit employment information, your monthly income, a list of all owned property, a list of monthly living expenses, and a list of all creditors (together with the claim amount and type of claim).
After a Murfreesboro bankruptcy filing, debtors are protected from creditors, who are rendered unable to attempt to collect on any outstanding debts. A trustee is established to take control of property belonging to the debtor, and property is often eventually sold to repay the creditors.
About twenty to forty days after a bankruptcy petition is filed, a 341 hearing is held to let creditors try to convince the court that the debtor should not be allowed to have his or her debts discharged. After deciding which debts will be dropped and which debts will remain unchanged, the bankruptcy court closes the bankruptcy case.
Filing for Chapter 13 bankruptcy
After a debtor works with a bankruptcy attorney to develop a debt payment plan scheduled over three to five years, the plan is reviewed by an insolvency litigation trustee and distributed to the creditors. While the creditors may object to the proposal and demand revisions, once the proposal is accepted the debtor can begin to make monthly payments to the bankruptcy trustee, while still maintaining all property and assets. The trustee is responsible for redistributing the payments among the creditors, based on the particular terms of the debt payment plan.
After completing these steps, which may require as many as five years, you will be discharged from bankruptcy, released from the burden and liability of specific debts, and protected from creditors taking any legal action on the debts that have been discharged.
If you are preparing to file bankruptcy in Franklin, contact the law offices of Rothschild & Ausbrooks, PLLC. Our attorneys can provide you with experienced legal advice and representation throughout the bankruptcy process.
