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Chapter 7 Archives

Understanding Tennessee Chapter 7 bankruptcy for business filings

When profits decline or expenses rise, some Tennessee businesses may struggle financially. If you are a business owner experiencing these types of challenges, you may have considered filing for bankruptcy. At Rothschild & Ausbrooks, PLLC, we are often asked about the debt relief options available to businesses. In this post, we will discuss Chapter 7 bankruptcy filings for businesses.

What debts are dischargeable in a Chapter 7 bankruptcy?

Like many people in the state of Tennessee, you may have considered declaring Chapter 7 bankruptcy. Through this option, a number of your debts may be discharged, which can help you to regain control of your finances. At Rothschild & Ausbrooks, PLLC, we are often asked about how debts are handled in Chapter 7 bankruptcies. In this post, we will discuss which debts may be discharged in this type of filing.

What are the pros and cons of filing Chapter 7 bankruptcy?

Like many in Davidson, and throughout Tennessee, who are struggling with debt, you may have considered filing for bankruptcy. While Chapter 7 is the most common type of filing, it is not necessarily suited for every situation. As such, it may help to understand the advantages and downsides of filing Chapter 7 bankruptcy in order to determine if it is the right option for your circumstances.

Getting together the papers necessary for bankruptcy filing

Many people who have never filed for Chapter 7 bankruptcy before may not be aware of the fact one cannot simply declare they are bankrupt without going through a process. There are many steps that must be taken first in order to make the bankruptcy official. Additionally, there is a fair amount of paperwork to fill out.

Refusing to put up with creditor harassment

As anyone who has been harassed by creditors can say, the constant pressure of collection calls and letters can take a heavy mental toll on a person. This is especially true if the calls ever become more threatening or even malicious, which is not entirely uncommon.

What to do after deciding to file for Chapter 7 bankruptcy

Deciding to file for Chapter 7 bankruptcy is a huge step to take. However, there is still much work to be done even after this is made. In particular, there is a lot of paperwork involved. All Chapter 7 bankruptcy filers will need to keep an eye on these papers and requirements..

Is paying your child's school tuition a fraudulent transfer?

In bankruptcy law, there is what is known as an adversary proceeding. This is typically brought by the trustee to recover assets of the debtor, which may have been unfairly transferred to one creditor in preference to another. These payments are sometimes called preference payments or fraudulent conveyances and the Bankruptcy Code gives the trustee the power to "avoid" those transfers.

A million dollars a year won't keep you out of bankruptcy

We all have imagined how great it would be to have an income like that of a professional athlete. Earning millions per year, we probably believe that it is like winning a "golden ticket" and that with that kind of income, life would indeed become "easy street."

Child support in a Chapter 7 bankruptcy

Child support is not dischargeable in a bankruptcy. This means that if you owe child support, your filing a Chapter 7 or a Chapter 13 will not allow you to eliminate that debt. If you are owed child support, your claim for child support remains during the bankruptcy, but the bankruptcy may complicate your collection efforts.

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

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