Consumer Bankruptcy Lawyers in Smyrna, Tennessee

Find the right Consumer Bankruptcy attorney in Smyrna, TN

Bankruptcy is a legal process allowing an individual or business to have some or all of their debt absolved. It is almost always considered as a last resort because it can have some negative long-term consequences which must be considered, even if you ultimately decide that they are outweighed by the benefits. Bankruptcy is a creation of federal law, and goes through federal courts. Therefore, the procedure governing bankruptcy in Tennessee will be roughly the same as it is anywhere else in the U.S. But individual courts have different rules for what property is exempt, so you should consult a local Smyrna, Tennessee before you file.

Chapter 7 Bankruptcy in Smyrna, Tennessee

There are 2 main forms of consumer bankruptcy in Smyrna, Tennessee: Chapter 7 and 13. Chapter 7 requires that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many types of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once qualified assets are sold, and the money turned over to the creditors, most remaining debt is absolved. However, there are certain types of debt that cannot be absolved in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Smyrna, Tennessee.

Chapter 13 Bankruptcy in Smyrna, Tennessee

In Smyrna, Tennessee, chapter 13 is very different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 bankruptcy does not excuse debt, it restructures it. This involves a court coming up with an altered repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original contracts that created the debt in the first place. This creates a new payment structure, normally involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Smyrna, Tennessee

The answer to this question depends heavily on your particular situation. If you have enough steady income to manage a payment plan, and a lot of non-exempt property that you are unwilling to part with, Chapter 13 might be a good option. If you don't have much steady income, and most of your property is exempt, Chapter 7 might be better.

Of course, you should always seek the counsel of an experienced local Smyrna, Tennessee bankruptcy attorney before you make the decision to file. He or she will be able to advise you of your options, and suggest the best possible course of action for your individual situation.

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Life in Smyrna

Smyrna, Tennessee is a town with a population of close to 40,000 residents. Smyrna is comprised of 23 square miles, and originally began as an agrarian community. The Smyrna airport, makes it easy for travelers to fly directly into the city.

Smyrna is best known for its role in the Civil War. The city, with it's strategic location between two major posts (Nashville and Chattnooga) saw a lot of action. The 160-acre Sam Davis plantation is located in Smyrna, and commemorates the death of the Confederate hero in Smyrna. There is still a military presence in Smyrna today, with the Stewart Air Force Base, and the Tennessee National Guard both located in Smyrna.

In addition to a military presence, Smyrna also has a Nissan Motors plant within the city, a popular place for many residents to work.

Located in Rutherford County, Smyrna lawyers serve their city and the surrounding areas, helping their client with a range of legal issues. Smyrna lawyers are skilled in a range of specialties and available to help their neighbor today!

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