Serving NE Tennessee along with Lee, Scott, Washington, and Wise Counties of SW Virginia

Law Offices of Stephen L. Gilly
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Bankruptcy Law in Tennessee: How to File for Bankruptcy in Tennessee

Filing bankruptcy in Tennessee — Questions often asked of bankruptcy lawyers in East Tennessee, Bristol and Kingsport

The Law Office of Stephen L. Gilly knows that you have questions about bankruptcy, and our lawyers are pleased to provide answers.

Filing for bankruptcy in Tennessee

The Law Office of Stephen L. Gilly simplifies and personalizes the process of filing for 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.

What are the major differences between Chapter 7 and Chapter 13 bankruptcies?

A Chapter 7 bankruptcy is a complete liquidation in which all of the non-exempt assets of the debtor are distributed to creditors. The debtor is freed of the unsecured debts within six months. In contrast, a Chapter 13 bankruptcy is a reorganization in which the debtor establishes a three-to-five-year plan to make regular payments to bankruptcy court.

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Will filing bankruptcy affect my credit?

A Chapter 7 bankruptcy remains on your credit report for 10 years from the date of filing, whereas a Chapter 13 bankruptcy remains on your credit report for seven years. The fact that the bankruptcy remains on the credit report does make credit less available to you and terms less favorable, but this is not very different from the effect of high debt.

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Which debts are not discharged in a Chapter 7 bankruptcy?

Many types of unsecured debt are eliminated by means of a Chapter 7 bankruptcy, but there are several exceptions, including income taxes less than three years old, child support, student loans, property taxes and fines and restitution assigned by a court for crimes that the debtor has committed. Spousal support is not covered by a bankruptcy.

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What are the advantages of hiring a lawyer when filing for bankruptcy?

A lawyer can explain eligibility requirements, the different kinds of bankruptcy and the precise advantages and disadvantages of one or the other for your particular case. A lawyer can argue on your behalf, if necessary, in bankruptcy court. And a skilled attorney can negotiate with your creditors.

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What kind of information is required for submission to the bankruptcy court in a Chapter 7 bankruptcy?

You must provide information about the following:

  • Your property
  • Your current income and monthly living expenses
  • Your debts
  • Property you owned and money you spent in the preceding two years
  • Property you sold or gave away during the preceding two years

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