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What is Chapter 7 bankruptcy?

When Tennessee residents are looking for ways to handle considerable debt, they may be uncertain about their options. Of course, each situation is unique and should be assessed carefully in order to determine what options a party may qualify for. However, Chapter 7 bankruptcy could potentially be an option that an individual may wish to gain more knowledge about, and the option may be able to help a situation move toward more stable ground.

Chapter 7 bankruptcy is a debt relief option that allows qualifying individuals to liquidate eligible assets. This liquidation means that assets are sold, and the resulting monetary gain is used to pay back creditors for outstanding debt. Under this type of filing, it is likely that individuals will lose property as they work toward handling their considerable debt.

Once an individual has decided to follow through with this type of bankruptcy, a legal petition must be filed with the appropriate court system. Individuals will be required to provide an array of financial documents and information in order for the case to be fully assessed. Parties may also be able to protect certain assets from liquidation if those assets meet requirements detailed under state or federal bankruptcy law.

Of course, this information is general in nature and should not be taken as strict legal advice. Each Chapter 7 bankruptcy case is different and deals with unique circumstances that can have a significant effect on a Tennessee resident's situation. Therefore, seeking more information that may pertain to a personal case could potentially help individuals better understand their situations.

Source: uscourts.gov, "Chapter 7: Liquidation Under the Bankruptcy Code", , Sept. 29, 2014

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