A Chapter 7 bankruptcy lawyer can help most people wipe out their debts and start over.

Are you afraid you can’t pay your bills?  Do not live in fear!

If this sounds like your situation:

• Do you worry about debts all the time?
• There is no way I can pay all these bills!
• Our income has been cut – We can’t pay our debts!
• Are payday loans taking all your payday?
• We will never be able to pay this mortgage!
• My debts keep me awake at night?
• I will never get out of this mess!
• I am avoiding telephone calls from creditors.

Then you can do this with a Chapter 7 bankruptcy…..

• Wipe out most debts and get a fresh start.
• Start rebuilding your credit.
• Keep your house or car, in most cases.
• Keep most of your personal property.
• Stop collection calls and garnishments.

And this will happen……

• Relief!!!!!  Creditors will stop calling.
• Your stress and worry will greatly reduce or go away.
• Leave your debts behind forever.
• You will get a chance to start over!
• You can get back on your feet.
• You can build a better life.

Chapter 7 Bankruptcy Overview – TN

Chapter 7 bankruptcy is a process under federal law to discharge or “wipe out” most debts and allow you (the debtor) a “fresh start.”  A person can file for Chapter 7 bankruptcy once every 8 years.  Chapter 7 is often referred to as a “straight bankruptcy” or “liquidation bankruptcy”. 

It is important to continue making regular payments on your house and automobile when filing Chapter 7.  If you are current on your home mortgage and auto loan, in most cases you can keep both and discharge most other debts.  However, there are certain debts such as child support, court ordered alimony, all student loans, and most taxes that cannot be discharged in a chapter 7 bankruptcy. 

There are two types of creditors in bankruptcy: secured and unsecured.  However, some unsecured debts are treated differently depending on the type of debt.

A secured creditor is one that has collateral, such as a car, furniture, appliances, jewelry or a house. Those creditors have a right to get their property back if they are not paid. 

An unsecured creditor is one who typically does not have the right to get any property back. Examples of unsecured creditors include: credit card bills, payday loans, other personal loans, back rent, and utility bills.  However, even if utility bills are discharged, most companies such as the phone, electric, and gas companies will require security deposits to restore servic

Bankruptcy Protection from your creditors

From the moment Rex Wager files your Chapter 7 Bankruptcy, your creditors must leave you alone; this is called the Automatic Stay.  This stops the majority of harassing phone calls, letters, lawsuits and threats of garnishments.  It also protects most of your property from seizure, blocks the repossession of your automobile, and prevents the foreclosure of your home.  These protections may be temporary depending on specific facts.

What can I keep in Chapter 7?

You can often keep your house and car in a Chapter 7.  In Tennessee, the most common items that are exempt (or protected) include:  Personal property, Wages/Salary, Pension/retirement and part of your house value.  Personal property includes things such as: automobiles, clothing, family books, health equipment, jewelry and many other items.  Rex Wagner will help you determine the amount of equity in your house, car, and other personal property that can be protected in your bankruptcy case.

When should I file Chapter 13 Bankruptcy versus Chapter 7 Bankruptcy?

Occasionally, individuals do not qualify for Chapter 7 bankruptcy and turn to Chapter 13 bankruptcy. In Chapter 13 bankruptcy, the debtor repays creditors either a portion or the entire amount of the debt owed. Almost anyone can file a Chapter 13 bankruptcy payment plan. Learn more about Chapter 13.

Where are the bankruptcy courts in Tennessee?

Tennessee is divided into three federal court districts: Eastern, Middle and Western.

Eastern District:

Chapter 7 bankruptcy cases in the eastern part of the state are filed with the U.S. Bankruptcy Court for the Eastern District of Tennessee.

Chattanooga: 31 East 11th St., Chattanooga, TN 37402, (423) 752-5163

Greeneville: 220 West Depot St., Ste. 218, Greeneville, TN 37743, (423) 787-0113

Knoxville: 800 Market St., Ste. 330, Knoxville, TN 37902, (865) 545-4279

Winchester: 200 S. Jefferson St., Winchester, TN 37398, (423) 752-5163

Middle District: 

Chapter 7 bankruptcy cases in Tennessee’s middle counties are filed with the U.S. Bankruptcy Court for the Middle District of Tennessee. The Middle District’s main office is located in Nashville, but it maintains two satellite offices in Columbia and Cookeville.

Nashville: 701 Broadway, Rm. 170, Nashville, TN 37203, (615) 736-5584

Columbia: 815 South Garden St., Columbia, TN 38401

Cookeville: 9 E. Broad St., Cookeville, TN 38503

Western District:

Chapter 7 bankruptcy cases in the western part of the state are filed with the U.S. Bankruptcy Court for the Western District of Tennessee. It has two locations:

Memphis: 200 Jefferson Ave., Ste. 410, Memphis, TN 38103, (901) 328-3500

Jackson: 111 S. Highland Ave., Ste. 107, Jackson, TN 38301, (731) 421-9300