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Personal Bankruptcy Main

Personal Bankruptcy Main

Personal Bankruptcy

Personal bankruptcy is a difficult step to take, often necessary for individuals. Hospital bills and lost jobs are the number one and two cause of bankruptcy. However, beginning October 17, 2005, under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, you must qualify using a "means test" for Chapter 7 bankruptcy. The "means test" is how the Internal Revenue Service will determine who can or cannot file for Chapter 7. Your income and expenses are examined in detail to see how they compare to the standard for your area as set by the IRS.

If your income from the last six months is greater than the median income and you can pay at least $6,000 over five years or $100 a month toward your debt, you are not allowed to file for Chapter 7 but must file for Chapter 13 instead. Chapter 13 will require you to repay a portion of your debts over three to five years.

Uppermost is the concern related to what can I keep , an answer controlled by Tennessee State Exemptions.

Developing your bankruptcy filing is an important step toward restarting your financial future.


The determination of the need for legal services and the choice of a lawyer are extremely important decisions and should not be based solely upon advertisements, certification, specialization or self-proclaimed expertise. Certifications of specialization are available to Tennessee lawyers in all areas of practice relating to or included in the areas of Civil Trial, Criminal Trial, Business Bankruptcy, Consumer Bankruptcy, Creditor's Rights, Medical Malpractice, Legal Malpractice, Accounting Malpractice, Elder Law, Estate Planning and Family Law. Listing of related or included practice areas herein does not constitute or imply representation of certification of specialization. These disclosures are required by the Supreme Court of Tennessee.  This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.



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