608 Mabry Hood Road, Suite 202 | Knoxville, Tennessee 37932
Seeking guidance on what to expect re Chapter 7 bankruptcy
Many individuals in Tennessee and elsewhere have experienced prolonged periods of financial strain. Unfortunately, those in search of relief from similar issues may be hesitant to consider certain options, perhaps out of uncertainty of how their financial futures will be affected. By gaining a better understanding of the process of filing for Chapter 7 bankruptcy, a person could become better prepared to make informed decisions concerning his or her financial future.
One major concern for those considering bankruptcy pertains to how their assets and debts will be handled in the process. With Chapter 7 bankruptcy, many or most of a person’s unsecured debts may be eligible for discharge. While this chapter also calls for the liquidation of certain assets, this doesn’t necessarily mean a person will lose all his or her possessions after filing for bankruptcy.
A Chapter 7 bankruptcy will remain on a person’s credit report for up to 10 years and will inherently have an impact on his or her credit score. While this may be a concern for many, those who are facing substantial monetary troubles may already be experiencing similar results. In some cases, a consumer bankruptcy could be the most viable outlet with which one can regain control over his or her financial future.
Prior to deciding on a path for relief, a person may find it advisable to speak with someone with experienced in such matters for guidance. A bankruptcy attorney can help a person gain a better understanding of each available option, including Chapter 7 bankruptcy. By thoroughly evaluating a client’s financial situation, an attorney in Tennessee can provide assistance in pursuing relief from debts through the necessary outlets.
Source: experian.com, “What Is Chapter 7 Bankruptcy?“, Carla Fried, Accessed on April 23, 2018
Thank you. Your submission has been sent.
608 Mabry Hood Road, Suite 202
Knoxville, Tennessee 37932
William E. Maddox, Jr. LLC, Attorney at Law is located in Knoxville, TN and serves clients in and around Knoxville, Oak Ridge, Louisville and Anderson County.
Attorney Advertising. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. [ Site Map ]
Martindale-Hubbell and martindale.com are registered trademarks; AV, BV, AV Preeminent and BV Distinguished are registered certification marks; Lawyers.com and the Martindale-Hubbell Peer Review Rated Icon are service marks; and Martindale-Hubbell Peer Review Ratings are trademarks of MH Sub I, LLC, used under license. Other products and services may be trademarks or registered trademarks of their respective companies. Copyright © 2021 MH Sub I, LLC. All rights reserved.