Chapter 7 Bankruptcy Attorney in Murfreesboro, Tennessee
What is Chapter 7 Bankruptcy?
Thinking About Filing for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy, which is technically known as
Liquidation Bankruptcy, involves selling most or all of your property to pay off the debt that you owe. This is often a choice for those who do not own a home. Chapter 7 bankruptcy allows individuals to quickly rid themselves of oppressive debts without paying them. Medical bills, credit cards, payday loans, are the most common examples of debts that qualify for Chapter 7 bankruptcy.
However, Chapter 7 does not get rid of all types of debt.
Do I Need To File for Chapter 7 Bankruptcy?
If you're overwhelmed by debt and struggling to make ends meet, it may be time to consider filing for Chapter 7 bankruptcy. Galen Pierce, Attorney at Law, can help you determine if this option is right for you. Signs that Chapter 7 might be necessary include facing foreclosure, constant creditor harassment, and the inability to cover basic living expenses. Through a thorough assessment of your financial situation, Galen Pierce will guide you through the process and provide expert legal advice. Don't wait until it's too late – contact Galen Pierce, a trusted and experienced attorney in the Murfreesboro area, for assistance with Chapter 7 bankruptcy.
- Chapter 7 bankruptcy allows you to liquidate your assets in order to pay creditors
- Filing Chapter 7 involves completing forms and a review of assets by the trustee
- Unsecured priority debt is paid first, after which comes secured debt and then non-priority unsecured debt
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The Chapter 7 Process:
Before you can begin the Chapter 7 process, you must complete credit counseling within 6 months of filing, before the Chapter 7 process can begin. Exceptions for this step may apply depending on circumstances.
After this, you must complete a petition to the court and several other documents to begin the official process. The Galen Pierce team can help you through each step of this process.
Once you complete the paperwork and counseling, a Bankruptcy Trustee is appointed to your case with the goal of liquidating nonexempt assets to pay creditors that you owe. Exempt property is property that is considered necessary to live. These items will remain in the your possession, while nonexempt items will be use to pay creditors. Property exemptions vary depending on your location. The trustee will then oversee the rest of the liquidation process.
Why do I need an Experience Chapter 7 Bankruptcy Lawyer?
Working with an experienced Chapter 7 bankruptcy lawyer can help you identify all your debts, determine a suitable plan of action for managing your debt and improving your credit. Every person and case is different, making it difficult to determine an exact cost. That is why we offer a free initial consultation. From there, we will be able to give you an exact quote before you incur any charges.
Don't navigate the complicated waters of bankruptcy law alone. Contact Galen Pierce, your local Chapter 7 bankruptcy lawyer, at
615-895-6508 to
schedule a free consultation today!
