The process to file bankruptcy Nashville is not just a long one, but also a very stressful one for some people. Not only will a person need a lot of patience, but also time and consideration. For some individuals a Nashville lawyer or legal aide may be needed as well. If filing a chapter 7 is it important to keep in mind that some debt will not be cleared like child support, alimony, medical bills or student loans.
You must make sure you are eligible before filing. There is some criteria to follow first. Do not file a chapter 7 if you have not passed the, Means Test. You must also remember that credit counseling courses are required for this chapter as well. To file you cannot have completed any type of payback plan for a chapter 13 in the last 6 months.
There are three different chapters that a person can choose between. Chapter 11 is only used with companies. A chapter 13 needs a steady income because it requires a payment plan to be paid in full over 3 to 5 years. The final and most common chapter is chapter 7. This one removes almost all debt excluding student loans, medical bills, alimony and child support.
Hiring a lawyer or legal aide to consult if you are having second thoughts is a good idea. They will help you choose the best option for you. Also, if you choose to file they will help sign you up with credit courses.
There are a few things to remember when going bankrupt. All assets you have will be liquidated to go towards your debts. Almost all of your property will be sold off, unless it is going toward your settlement. You should also keep in mind that it will stay on your record for a few years.
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.
You must make sure you are eligible before filing. There is some criteria to follow first. Do not file a chapter 7 if you have not passed the, Means Test. You must also remember that credit counseling courses are required for this chapter as well. To file you cannot have completed any type of payback plan for a chapter 13 in the last 6 months.
There are three different chapters that a person can choose between. Chapter 11 is only used with companies. A chapter 13 needs a steady income because it requires a payment plan to be paid in full over 3 to 5 years. The final and most common chapter is chapter 7. This one removes almost all debt excluding student loans, medical bills, alimony and child support.
Hiring a lawyer or legal aide to consult if you are having second thoughts is a good idea. They will help you choose the best option for you. Also, if you choose to file they will help sign you up with credit courses.
There are a few things to remember when going bankrupt. All assets you have will be liquidated to go towards your debts. Almost all of your property will be sold off, unless it is going toward your settlement. You should also keep in mind that it will stay on your record for a few years.
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.
