What is Chapter 7?

You Deserve a Fresh Start

Chapter 7 bankruptcy is like a financial reset button. If you’re drowning in debt and can't pay it off, Chapter 7 allows you to wipe out most of your debts so you can start fresh.

Here’s how it works:

Filing for Bankruptcy: You start by filing paperwork with the court, listing all your debts, income, assets (things you own), and expenses.
Trustee Involvement: The court appoints a trustee, a person who oversees your case. The trustee's job is to review your situation and manage the process.
Selling Assets: Sell Some Stuff: In return for getting rid of your debt, you might have to give up some of your belongings. A court official (called a trustee) will decide which of your things need to be sold to help pay off some of what you owe. But don’t worry—many everyday items like your clothes, basic furniture, and sometimes even your car or house, might be protected with exemptions and you can keep them. If there is a risk to losing any of your assets, then we will discuss a Chapter 13 to help with your debt.
Discharging Debts: After the trustee does their job, most of your unsecured debts (like credit card debt, medical bills, etc.) are wiped out, or "discharged." This means you no longer have to pay them back.
Fresh Start: Once your debts are discharged, you get a clean slate. You won’t owe the debts that were included in the bankruptcy.

In short, Chapter 7 bankruptcy is a way to clear out most of your debt when you can’t see any other way out. It is the fastest way to get back on your feet and is normally completed with discharge order entered in about 6 months.

FRESH START LAW TN, PC

Mailing address: PO Box 6095 Oak Ridge, TN 37931

Ph: (833) 345-3257

FRESH START LAW TN, PC is a debt relief agency.

We assist individuals file for bankruptcy under the Bankruptcy Code

last updated September 19, 2024

FRESH START LAW TN, PC BANKRUPTCY LAW OFFICE

What is Chapter 7?

You Deserve a Fresh Start

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