The 7 Main Steps of Filing Nashville Bankruptcy
Bankruptcy was created as a way to help debtors eliminate or restructure debt to get a fresh financial start. The Nashville bankruptcy process is not complex, but is actually quite simple.
Here are the 7 main steps that you should expect as you file Nashville bankruptcy:
- Have a consultation with an attorney: Your attorney will look at your situation and recommend the best path to take.
- Choose between Chapter 7 or 13: Depending on your situation, you will choose Chapter 7 if you qualify and want to eliminate all debt, or choose Chapter 13 if you want to keep assets and restructure debt payments.
- File Chapter 7 or Chapter 13: You will fill out the appropriate paperwork about your debts, assets, and income.
- An automatic stay protects you: The “automatic stay” is a court order that prevents creditors from hassling you over collections, repossessions, garnishments, and foreclosures.
- Attend the 341 Meeting and Confirmation Hearing: Both meetings are required by law. The 341 meeting is for Chapter 7 and 13 cases and deals with verifying your financial information with creditors. The confirmation hearing (in court) is where your Chapter 13 debt payment plan is analyzed and revised by the judge if necessary.
- Take a credit counseling class: This class is required and teaches budgeting and debt management skills.
- Debt is discharged or paid off over time: After 3-5 months your debts are eliminated with Chapter 7 bankruptcy. With Chapter 13, you begin making monthly, manageable debt payments for 3-5 years.
The Nashville bankruptcy process is very simple and effective. You can eliminate or restructure your debt to get a fresh financial start.
To see how we can help you, visit our Nashville bankruptcy home page.