If you are struggling to keep up with your bills, you may want to consider whether bankruptcy can help relieve your financial restraints. While everyone’s circumstances differ, filing chapter 7 bankruptcy can often wipe out a great deal of your debts and provide you with a fresh start.

How Does Chapter 7 Bankruptcy Work?

Chapter 7 bankruptcy is often a bankruptcy filer’s first choice because of its quick process taking only a few months to complete. This bankruptcy is known as a “liquidation” bankruptcy because it involves the selling out of a debtor’s non-exempt assets. The proceeds from the liquidation are used to pay off a debtor’s creditors. Most debtors can typically keep their property and assets because they fall within an exemption. However, people with more assets could lose them. An example of assets that tend to be at risk of lost may be classified as unnecessary luxury items.

Steps In A Tennessee Chapter 7 Bankruptcy

To file a Chapter 7 bankruptcy, a debtor must be eligible so it is important to consider important steps you may take during your bankruptcy journey. Below is an checklist you may use in preparation of your bankruptcy journey: 

Bankruptcy Steps Checklist 

• Gather necessary financial documents
• Most recent bills from creditors
• Most recent bank statements
• Most recent tax returns
• Most recent pay stubs
• Gather legal records
• Files of your pending litigations, orders of judgments and court orders 
• Evidence of child support and/or alimony obligations 
• Titles of vehicles and/or payment letters
• Lease agreements 
• Mortgage letters
• Gather polices
• Life insurance policies 
• Disability insurance policies

Can You Represent Me?

We represent debtors in Memphis Division of the Western District of Tennessee. This includes the following counties: Shelby, Fayette, Lauderdale and Tipton.

If you are considering chapter 7 bankruptcy, you need an experienced bankruptcy lawyer to help you understand if filing is best for your financial situation. Call us today at (901) 300-4994 or complete our Contact Form to schedule a free consultation. We are here to help.