Filing for Chapter 7 Bankruptcy in Tennessee
Highly qualified bankruptcy lawyers in Kingsport, TN simplify the process
You may have been told that Chapter 7 is the best bankruptcy option for you because you have few assets, but you are uncomfortable with the idea of a court-supervised procedure. Knowing that Stephen L. Gilly, a professional bankruptcy lawyer in Kingsport, Tennessee is arguing on your behalf can alleviate your worry and provide the protection that you need.
Chapter 7 bankruptcy is best for debtors with few assets
Chapter 7 bankruptcy is a complete liquidation in which all of your non-exempt assets are distributed to creditors, and you emerge free of debt in a short period of time, usually less than six months. By filing for this kind of bankruptcy, you essentially place the property that you own and the debts that you owe in the hands of the bankruptcy court.
This type of bankruptcy has certain advantages:
- It is quick
- It allows you to dispense with unsecured debts like medical bills and credit cards
- It can enable you to keep some of your property
But not everyone qualifies for a Chapter 7 bankruptcy. You must pass a means test in order to qualify. Then, if you pass this test, you need to complete a credit counseling course afterwards.
In a Chapter 7 bankruptcy:
- You are allowed to keep certain exempt property, but liens such as mortgages and car loans survive
- Other assets, if any, are sold by the interim trustee to repay creditors
- The bankruptcy stays on your credit report for 10 years from the date of filing the Chapter 7 petition
A Kingsport bankruptcy attorney can represent your interests
The lawyers at The Law Office of Stephen L. Gilly are professionals who believe in standing behind their clients. They can do several things to provide protection as well as representation:
- File your petition with the U.S. Bankruptcy Court
- Argue on your behalf in bankruptcy court, when necessary
- Negotiate with your creditors
Our firm is committed to streamlining the tedious process and turning a potentially upsetting experience into a springboard for financial recovery.
Contact knowledgeable Chapter 7 bankruptcy attorneys in Kingsport, TN
Let The Law Office of Stephen L. Gilly take the sting out of bankruptcy by giving you the guidance, expertise and support you need. You will be pleased with our compassionate and down-to-earth approach. We are located in Kingsport, and serve clients throughout Tennessee and Virginia. Call us at 423-246-3811 to arrange for a free initial consultation, or contact us online.