Chapter 7

Chattanooga Chapter 7 Bankruptcy Lawyers

Assisting Clients With Chapter 7 Bankruptcy Matters in Chattanooga, Kingsport, & Tullahoma, TN

Whether it’s due to unpaid credit cards or outstanding medical bills, the consequences of excessive debt can make life miserable. Interest and monthly fees can pile up fast. Creditors may harass you and leave you feeling overwhelmed. 

If you’re struggling with debt, it’s important to know you have options. Chapter 7 bankruptcy presents you with a legal pathway to wipe your financial slate clean by discharging your unsecured debt and stopping all debt collection activities. 

The attorneys at Tom Bible Law can provide you with experienced legal advice. With three offices spread out across Tennessee, we offer our Chapter 7 filing services to clients throughout Tennessee and North Georgia. 

Contact us today to schedule a free consultation with one of our Chattanooga Chapter 7 bankruptcy attorneys.

What Can Chapter 7 Bankruptcy Do for You?

Many people think of Chapter 7 bankruptcy only as a form of debt liquidation, because this process involves a bankruptcy trustee who uses the debtor’s assets to pay off creditors. This understanding is somewhat misleading. Although most people who file for Chapter 7 are drowning in unsecured debt, they often have few qualifying assets to seize (and sometimes none). Therefore, they have little to lose in bankruptcy resolution. 

Unsecured debt is a type of debt that is not backed by anything. This means that if you don’t pay it, the creditor cannot take assets from you to sell and pay what you owe. Unsecured debts are things like credit card balances, payday loans, and medical debt. 

However, not everyone can qualify for Chapter 7 bankruptcy. To be eligible, you must first pass a means test, which ensures you do not have the income necessary to reasonably pay your debts. The means test is a feature of the 2005 changes to the U.S. Bankruptcy Code, implemented to prevent people with the ability to pay their debts from getting them discharged (the Bankruptcy Abuse Prevention and Consumer Protection Act). For those who do not qualify for Chapter 7, Chapter 13 bankruptcy is an alternative. 

Is Chapter 7 Bankruptcy Right for You?

Chapter 7 bankruptcy can provide a fresh start for individuals struggling with overwhelming debt. If you are facing creditor harassment, wage garnishment, or repossession, filing for Chapter 7 bankruptcy may be a viable solution to regain financial stability.

Benefits of Chapter 7 bankruptcy include:

  • Discharge of unsecured debts such as credit card debt and medical bills
  • Protection from creditor actions, including lawsuits and collection calls
  • Potential to keep certain assets through exemptions
  • Opportunity for a clean financial slate and a fresh start

Our experienced Chattanooga Chapter 7 bankruptcy lawyers can assess your financial situation and determine if Chapter 7 bankruptcy is the right option for you. Contact us today to schedule a consultation and take the first step towards a debt-free future.

What is the Chapter 7 Bankruptcy Process in TN and North GA?

Chapter 7 bankruptcy begins with filing a petition to the court. This petition outlines all your debts, assets, and other financial information. Once this initial document has been processed, an “automatic stay” is issued by the court, which prevents creditors from contacting you or taking any collections against you. 

Attorneys play a pivotal role in this bankruptcy process. Many people file for bankruptcy, but not everyone is successful in having their debts discharged by the court. Chapter 7 is a complex process, and a lot could go wrong. Having experienced legal counsel on your side can help ensure everything goes smoothly and that you get the most benefit possible.

Contact Our Chattanooga Chapter 7 Bankruptcy Attorneys Today

Tom Bible Law can advise you on how best to position yourself for Chapter 7 debt relief. We can help you determine your eligibility, protect your assets, ensure compliance with the state and federal guidelines that regulate bankruptcy, guide you through each stage of bankruptcy, and advise you on rebuilding credit once the process is finished. Our attorneys are committed to helping you stop creditors, garnishments, and repossessions, relieve your debts and start fresh.

To get in touch with our Chapter 7 bankruptcy lawyers in Chattanooga, Tullahoma call (423) 690-7712.

Chapter 7 Bankruptcy FAQ

What are the eligibility requirements for Chapter 7 bankruptcy in Chattanooga, TN?

To qualify for Chapter 7 bankruptcy, individuals must pass a means test to demonstrate that their income is insufficient to pay off their debts. This test was implemented to prevent abuse of the bankruptcy system and ensure that those who truly need debt relief can access it.

How does Chapter 7 bankruptcy affect unsecured debts?

Chapter 7 bankruptcy can discharge unsecured debts such as credit card balances, medical debt, and payday loans. This means that individuals are no longer legally obligated to repay these debts, providing a fresh start to their financial situation.

What role do attorneys play in the Chapter 7 bankruptcy process?

Experienced bankruptcy attorneys play a crucial role in guiding individuals through the Chapter 7 bankruptcy process. They can help ensure that all necessary steps are taken, maximize the benefits of bankruptcy, and work to have their clients' debts discharged by the court.

How can Chapter 7 bankruptcy help stop creditor harassment in Chattanooga, TN?

Filing for Chapter 7 bankruptcy triggers an automatic stay, which prevents creditors from contacting individuals or taking any collection actions against them. This legal protection helps stop creditor harassment and provides relief to those struggling with overwhelming debt.

What are the alternatives for individuals who do not qualify for Chapter 7 bankruptcy in Chattanooga, TN?

For individuals who do not meet the eligibility requirements for Chapter 7 bankruptcy, Chapter 13 bankruptcy may be an alternative. This form of bankruptcy involves creating a repayment plan to gradually pay off debts over a specified period of time.

Free Consultations Available Contact Our Offices

Whether you have questions or you’re ready to get started, our legal team is ready to help. Complete our form below or call us at (423) 690-7712.

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