No one looks forward to bankruptcy. The combination of creditor harassment and mounting debts can make the entire process feel overwhelming. The truth is that Chapter 7 bankruptcy is not the stigmatized burden many people perceive it to be. A Chapter 7 bankruptcy attorney in Nashville can guide you through the intricacies of bankruptcy.
At Jungers Law Firm, we help determine the right debt relief choices at the right time. Our time-tested insight and unwavering counsel ensure you discharge your debts through bankruptcy once and for all.
Chapter 7 bankruptcy is not for everyone. There are legal stipulations that limit who can use this form of bankruptcy. The process involves passing the means test, which assesses the value of your assets, income, and living expenses. If you do not pass the means tests, you can still file for Chapter 13 bankruptcy.
Another requirement is that you can’t file Chapter 7 bankruptcy twice within eight years. The same applies to Chapter 13, with a time constraint of six years. The final requirement prohibits you from filing a petition for bankruptcy that a court voluntarily or involuntarily dismisses twice within six months.
We can help determine your bankruptcy eligibility and the ideal time to file. As a rule of thumb, you should file if you have more than $10,000 in unpayable debts. Your credit score should also be below 600, and you should not own high-value property.
Chapter 7 bankruptcy doesn’t mean you lose your possessions. A Chapter 7 bankruptcy attorney in Nashville can file an exemption that lets you hold onto essential items. Some of the most common exemptions include:
Note that many luxury items are not exempt, such as jewelry, furs, and art.
Bankruptcy is part of the US Constitution, and companies ranging from Walt Disney to Macy's have used it to springboard to future success. Don’t let the stigma deter you from a potentially life-changing financial decision.Work with the top Chapter 7 bankruptcy attorneys in Nashville. Call to learn more about your legal options today.