Some Bankruptcy Questions in Murfreesboro, TN

January, 2014 by

When you start to consider whether bankruptcy might be your best option, you will certainly have a lot of bankruptcy questions in Murfreesboro, TN. The following article was designed to answer a few of those frequently asked questions for people who are considering seeking legal help for bankruptcies in the Columbia, Murfreesboro, and Nashville areas.

One of the first bankruptcy questions is usually, “Can I qualify to declare bankruptcy in Tennessee?” The answer is usually yes. Your bankruptcy attorney can help you to determine whether or not you meet the annual median income level for the state. The annual median income level is expressed as a number that adjusts up or down depending upon household size. As long as your income is lower than the median income level, Tennessee state law automatically gives you the right to declare bankruptcy under Chapter 7. If you do not qualify via the median income level, your attorney will often still be able to help you qualify for Chapter 7 if you are able to prove you can’t repay your debt. Alternatively, you may be able to file Chapter 13.

Another of the common bankruptcy questions in Murfreesboro, TN is, “How much will it cost me to talk to a lawyer about filing bankruptcy?” The answer to this one is often surprising to many because law firms in the area, like Flexer Law, actually offer initial consultations for free. It won’t cost you anything to sit down with an attorney to talk about your situation, and get his recommendation on whether filing for Chapter 7 or 13 bankruptcy protection might be the right option for you.

When you go in for your consultation, be sure to take along any information you have regarding your current debts. While you don’t need to have the amounts down to the penny, you should have at least a general estimate of how much you owe each unsecured creditor that you would like to include in the bankruptcy. Further, you should take along any proof of income that will help the attorney calculate whether your income limits will automatically qualify you for bankruptcy protection.

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