Nashville Bankruptcy Attorneys Clark & Washington Answer Frequently Asked Bankruptcy Questions

    NASHVILLE, TN, March 09, 2015 /24-7PressRelease/ -- The Nashville bankruptcy attorneys at Clark & Washington wish to answer some frequently asked bankruptcy questions. The bankruptcy process is a mystery to some people, and there are many sources of misinformation out there on the web that can lead people astray. To counter the incorrect information out there, here are some answers to some commonly asked bankruptcy questions

What is bankruptcy?

Bankruptcy is a legal process that gives an individual a fresh financial start. When you file for bankruptcy, an automatic stay is set in place that prevents all your creditors from engaging in collection activities against you for the duration of the bankruptcy process.

Do I qualify for bankruptcy?

To qualify for bankruptcy, whether it be Chapter 7 or Chapter 13, you will have to meet the requirements of the means test. The means test is way of measuring your disposable income and then looking at where you rank compared to the average income for a household of equivalent size in Tennessee. If you make less than the average, you probably qualify for Chapter 7. If you make more, you probably qualify for Chapter 13.

Does bankruptcy discharge all my debts?

Absolutely not. There are some debts that not dischargeable, even in bankruptcy. Debts are split up into secured and unsecured debts. Most unsecured debts are dischargeable in bankruptcy. Secured debts are credit card debts, utility bills, medical bills and any other type of loan or credit that is extended without any form of collateral. Secured debts are the exact opposite. They stem from loans given in connection with purchases of homes and automobiles where the item purchased can be used as collateral. Also, in bankruptcy there are several types of debts that may never be discharged: child support payments, alimony and tax obligations.

To avoid being misinformed, it is prudent to seek the counsel of an experienced Nashville bankruptcy lawyer to explain all of the complexities involved with bankruptcy to you. To learn more about filing for bankruptcy or to schedule a free consultation, visit http://www.bankruptcyattorneynashville.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.bankruptcyattorneynashville.com.

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