Business: Apr 22, 2012

By Melody Lyons

Filing bankruptcy Nashville is a long and strenuous process. IT requires time, consideration and possibly Nashville bankruptcy lawyers or legal aid. Going bankrupt with a chapter 7 will remove most debt, but not alimony, child support, medical bills or student loans.

It is vital for an individual to be eligible before trying to file. Some criteria should be checked before taking the time to file. First it is important that you are a United States citizen. The Means Test must also be taken and passed in order to file for chapter 7. Credit counseling courses are also required for this chapter. A steady income is needed for chapter 13, and you cannot file chapter 7 if a chapter 13 has been filed for you in the previous six months.

There are three chapters that you can choose between before filing. Chapter seven will eliminate almost all of the debt you have except loans, medical bills, child support or alimony. Chapter eleven is used for companies. The final chapter is thirteen and includes making a payment plan and paying your creditors off between three to five years.

If you are concerned about having to file than you may want to hire a lawyer or legal aide. A lawyer will help you fill out the proper paperwork. They will also help you sign up for credit courses and choose the best option for your situation.

When doing bankrupt be sure to remember that liquidation is a must. You will low all of your assets and it will go to your debt. Any property that you have that is not beneficial to your settlement is going to be sold. Also consider the fact that for years it will remain on your record.

Dealing with bankruptcy nashville is important if you are going through financial hardships. Be careful to consider all pros and cons of filing. Also keep in mind that it stays on your record and can stop you from getting approved down the road for lots of stuff like credit cards and apartments.

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