Filing for bankruptcy can be stressful, if you do not know your rights and how to properly file. This is why many people make the wise decision to hire a Chapter 7 Attorney in Nashville, TN. Since it is imperative all of the bankruptcy forms are in order, hiring an attorney can greatly help and make the process go much more smoothly. Whether you are filing for a business or as an individual, filing for chapter 7 can free you from your debt and help you to secure a better future.
How Does Chapter 7 Bankruptcy Work?
Chapter 7 bankruptcy is a type of bankruptcy that allows you to pay off your debts through the liquidation of your assets, whether they be personal or business assets. There are some assets that are not considered as part of the liquidation process. These essential pieces of property include:
1. Your home
2. Your car
3. Your furniture
4. Your clothing
Vacation homes, boats and other forms of non-essential property will typically be sold to pay off as much debt as possible. To start the process for bankruptcy, the attorney will gather as much information on your finances as possible. You will be given a trustee to reside over your bankruptcy. The trustee is responsible for seeing that as many of your creditors get their money as possible. He or she has the power to absolve you of some debts and will work to get your assets sold for as much as possible.
In the process of your bankruptcy, you will be required to undergo financial counseling, so you can learn to make the best financial decisions for your future. This will help you to avoid becoming overwhelmed with debt, so you can make a new start in your life. Throughout your bankruptcy, your Chapter 7 Attorney in Nashville, TN will be guiding you and helping you through the process.
If you have done all you can to get out of debt and are finding it increasingly difficult, there is help available.