Confused About Tennessee Bankruptcy Laws? Connect with a Tennessee Bankruptcy Lawyer Today
If you’re suffering under the burden of debt, you don’t have to hide from creditors.
Tennessee bankruptcy laws provide serious relief thanks to the one-of-a-kind tools provided by Chapter 7 and Chapter 13 bankruptcy.
Ask a local lawyer if filing bankruptcy in Tennessee is the right choice for you.
Read on to learn more about Chapter 7 and 13, then contact a local Tennessee bankruptcy by completing the free case evaluation form on this page.
Filing Chapter 7 or 13 Bankruptcy in Tennessee
Chapter 7 bankruptcy was created to help lower-income earners that are suffering under what’s called “unsecured debt.” This is the debt that results from credit cards, medical bills, payday loans and personal loans.
Chapter 7 bankruptcy may discharge all of this debt, retiring it immediately. To qualify, you’ll need to meet certain income requirements.
You may also want to examine the Tennessee bankruptcy exemptions. These outline the property that can be protected when you file. In rare cases, there could be a sale of some property to pay off debts.
Homestead
- $5,000 for the homestead of an individual. $7,500 if property is jointly owned.
Wages
- 75 percent of weekly earnings.
Personal Property
- 100 percent of all clothing, pictures and books.
- Up to $4,000 for any other personal property.
There is no property sale during Chapter 13 bankruptcy. Sometimes known as “reorganization,” Chapter 13 bankruptcy allows filers to reorganize their debts in a 3-5 year repayment plan.
Under the plan, a single payment is made to a court-appointed trustee who handles creditors.
This means no more phone calls or harassing letters harassing, and it could freeze debt, preventing more fees, fines and other compounding factors that can cause debt to grow out of control.
This type of bankruptcy tends to work best for filers who have a regular, steady income. Also, Chapter 13 may be better suited for individuals with larger land and personal property holdings and need additional protection.
Learn About Your Options with a Local Tennessee Bankruptcy Lawyer
The information provided here is only one step in a path that can lead to financial independence.
You likely still have questions about how, exactly, Tennessee bankruptcy laws can help you.
Your local bankruptcy lawyer can answer those questions, and help you get started with the process that reform your debt and get a fresh start.
To connect with a local Tennessee bankruptcy lawyer today, simply complete the free case evaluation form on this page or call us toll-free at 877-349-1309.
Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local Tennessee bankruptcy lawyer. Laws may have changed since our last update. For the latest information on your state's laws, speak to a local bankruptcy lawyer about filing bankruptcy in Tennessee.