Chapter 7 Bankruptcy in Tennessee
Read about the process of filing for a Chapter 7 bankruptcy in Tennessee.
When you are filing for bankruptcy you have many choices to make, and many people decide to file for a Chapter 7 bankruptcy in Tennessee. This is a popular choice for individuals that do not own substantial property, and want to liquidate their assets, eliminate their debt, and move on with their lives. When you file for the Chapter 7 bankruptcy in Tennessee, it is the same as the other states in many ways. The only differences are the type of exemptions, and the value. To accurately know the exemptions associated with a Chapter 7 in any state, you have to research all of the bankruptcy laws. This is the only way you are going to determine if this option is right for you, and what property you will actually be able to keep.
There is a long list of benefits when filing a Chapter 7 bankruptcy in Tennessee. Individuals filing this form of bankruptcy can see their debt problems cleared within as little as three months. This is much faster than filing a Chapter 13. There are also many exemptions that are specific to residents of Tennessee. Individuals filing for a Chapter 7 bankruptcy in Tennessee can have a $5,000.00 dollar homestead exemption or $7,500.00 dollars if the property is jointly-owned. Individuals can also keep seventy-five percent of their total weekly salary, and all of their individual property. These items include clothes, and other personal belongings. Another interesting exemption that Tennessee allows is 10,000 dollars in other personal property. In comparison with other states, people filing for Chapter 7 bankruptcy in Tennessee don’t get the highest exemptions, but they definitely don’t get the worst.
It is important that you pay attention to all of the laws when you are filing for bankruptcy. If you make any mistakes on your forms, or purposely leave off information, you can be criminally prosecuted for fraud. This is why you have to make sure that you research everything about your bankruptcy thoroughly. You could also choose to enlist the help of a lawyer, or other professional, that can help you get all your information together. Bankruptcies are a good way to move on in your life, but you have to make sure you utilize your state’s laws otherwise you won’t get the best financial outcome.