Kingsport Chapter 7 Bankruptcy Attorneys
Serving Clients in Kingsport, Tennessee & Surrounding Areas
If you are struggling with overwhelming debt, you may be considering filing for bankruptcy. Filing for bankruptcy is a very serious decision, but it is not something that should be taken lightly. You should seek the advice of an experienced bankruptcy attorney before filing for Chapter 7 or Chapter 13 bankruptcy.
The Law Office of W. Thomas Bible, Jr. has been helping clients file for bankruptcy for over 30 years. We are ready to help you find a solution to your debt problems. Contact us online or call (423) 690-7712 to schedule a free initial consultation with our Kingsport Chapter 7 bankruptcy attorneys.
What Is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is also known as liquidation or a "straight bankruptcy." Chapter 7 is the most common form of bankruptcy, and it is often referred to as "straight" bankruptcy because most of the debtor's assets will be liquidated to repay creditors.
In a Chapter 7 bankruptcy, the court-appointed trustee will gather and sell the debtor's assets to pay back creditors. The court will then discharge the remaining unsecured debts.
Some of the debts that are not discharged in a Chapter 7 bankruptcy include:
- Student loans
- Most tax debts
- Alimony and child support
- Certain unpaid loans from a car dealership
Chapter 7 Eligibility
To qualify for Chapter 7 bankruptcy, you must pass the "means test." The means test is a calculation that determines whether you have enough disposable income to repay your debts. If you do not qualify for Chapter 7, you may still be able to file for Chapter 13 bankruptcy.
Chapter 7 Bankruptcy & Your Home
When you file for Chapter 7 bankruptcy, the court will issue an automatic stay. The automatic stay prevents creditors from trying to collect on your debt. Once the automatic stay is in place, you will be able to stop foreclosure on your home.
The automatic stay will remain in effect until the bankruptcy court discharges your bankruptcy. In most cases, you will only have to worry about the automatic stay being lifted once your bankruptcy is discharged.
The automatic stay will last until the court issues the discharge order. The discharge order will be issued once all of your debts have been paid or negotiated with the help of your bankruptcy trustee.
Contact Our Kingsport Chapter 7 Bankruptcy Attorneys
Chapter 7 bankruptcy can be a great way to eliminate your debt. However, there are certain debts that are not eligible for discharge. It is important that you consult with an experienced bankruptcy attorney before filing for bankruptcy.
The Law Office of W. Thomas Bible, Jr. has been helping clients file for bankruptcy for over 30 years. We are ready to help you find a solution to your debt problems.