Chattanooga Bankruptcy Attorneys Clark & Washington Discuss Filing for Bankruptcy in Tennessee

    CHATTANOOGA, TN, February 18, 2015 /24-7PressRelease/ -- The Chattanooga bankruptcy attorneys at Clark & Washington wish to discuss the process of filing for bankruptcy in the state of Tennessee. The bankruptcy filing process is pretty similar from state to state as most of bankruptcy law is governed by federal law. What tends to differ from state to state are the exemptions allowed when you file for bankruptcy.

Tennessee Bankruptcy Process

There are many complexities involved in the bankruptcy filing process that require the assistance of a qualified Chattanooga bankruptcy attorney. To give you an idea of what the process entails, here's an overall outline:

1. You are required to complete pre-bankruptcy credit counseling with an approved Tennessee credit counseling agency. A list of these agencies can be found at http://www.justice.gov/ust/eo/bapcpa/ccde/CC_Files/CC_Approved_Agencies_HTML/cc_tennessee/cc_tennessee.htm.
2. Next you need to determine what property qualifies for exemption. You can keep certain types of property during the bankruptcy process and exclude it from being sold.
3. Whether you are filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, you have to fill out a bankruptcy petition and the accompanying schedules with all of your detailed financial information, including a list of your creditors.
4. You have to see if you are eligible for Chapter 7 or Chapter 13 filing by utilizing the means test. This is done by taking your household disposable income and comparing that amount to the average household income in the state of Tennessee. If your disposable income is more than the state average, you make too much to qualify for Chapter 7 but may qualify for Chapter 13. If you make less than the state average, you may qualify for Chapter 7.
5. Lastly, you must get the local bankruptcy form for your particular district and then file within the correct bankruptcy court. The correct court will be the district where you have been residing for the larger part of the last 180 days or the district where you are domiciled.

Be sure to consult with a Chattanooga bankruptcy lawyer to make sure the process goes smoothly. To learn more about bankruptcy in Tennessee or to schedule a free consultation, visit http://www.chattanooga-bankruptcy-attorney.com.

About Clark & Washington:

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.chattanooga-bankruptcy-attorney.com.

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