NORCROSS, GA, March 05, 2013 (Press-News.org) Bankruptcy laws are confusing, and just the thought of filing for bankruptcy can be daunting - not to mention just plain scary. Chattanooga bankruptcy attorneys Clark & Washington, LLC say that Chapter 7 bankruptcy can be the easiest debt relief solution for many people.
What is Chapter 7 Bankruptcy?
Chapter 7 (also known as "straight bankruptcy") is named for the chapter of the federal Bankruptcy Code where it is described. Filing for Chapter 7 bankruptcy allows an individual or business to walk away from credit card, medical and other debt, and start over.
When someone files for Chapter 7, the bankruptcy judge appoints a trustee who looks at their bankruptcy schedules, which list all the assets and liabilities of the debtor. The trustee then sells any non-exempt assets at auction, with the proceeds going to creditors. Most Chapter 7 cases are "no asset" cases, so there is nothing to seize and sell. These non-exempt assets can include items like clothes, household goods, retirement money, jewelry, and even a car and equity in a home.
Is Chapter 7 the Right Choice?
You can file for bankruptcy under Chapter 7 if you earn less than the median income in your state. If you earn more, then you are required to pass a "means test" where the court uses a formula to determine your monthly income after necessary expenses such as food and housing.
According to Chattanooga bankruptcy law firm Clark & Washington, this form of bankruptcy is best for people who are willing to give up hard assets and start over, and for people whose debt is primarily unsecured. This includes credit card debt, medical bills, delinquent rent from an old apartment, old cell phone bills, and car repossession deficiencies. Chapter 7 discharges this debt.
Certain kinds of debt cannot be discharged under Chapter 7. This includes government-funded student loans, some tax debt, federal tax liens, child and spousal support, and fines and penalties for legal violations.
Is There Life After Bankruptcy?
The short answer is, "Of course!" Many people think that they will be left with almost no possessions, and will never again be able to get credit. That is not true. You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, property settlement, or life insurance benefits within six months after your bankruptcy, that will need to go to your creditors unless it qualifies as exempt.
As far as your credit rating, if you are considering Chapter 7, your credit is probably not in good shape anyway, and bankruptcy will not likely make it worse. A bankruptcy can appear on your credit record for ten years.
Why You Need a Local Attorney
With three offices in Chattanooga, bankruptcy lawyers who work for Clark & Washington know Tennessee exemption law and can protect as many assets as legally possible. Their fees are reasonable, and they offer flexible payment plans. They will help gather all of the necessary documentation to file the bankruptcy. Unlike many bankruptcy attorneys in Chattanooga and elsewhere, Clark & Washington will represent people even if they have previously filed a case.
The best way to determine if Chapter 7 is the right decision is to meet with a qualified Chattanooga bankruptcy attorney. Clark & Washington offers a free initial consultation so that you can sit down and discuss your situation to determine the best path going forward. To arrange for an appointment with one of the bankruptcy lawyers in a Chattanooga office of Clark & Washington, call 423-634-1910 or visit http://www.chattanooga-bankruptcy-attorney.com.
For all media inquiries, please contact:
Allie Petit
Content Manager
Cardinal Web Solutions
http://www.CardinalWebSolutions.com
Chattanooga Bankruptcy Lawyers, Clark & Washington, Explain What to Know about Chapter 7 Bankruptcy
The Chattanooga bankruptcy law firm wants to help people understand what Chapter 7 bankruptcy is, and why it may be the best option to get out from under overwhelming debt.
2013-03-05
ELSE PRESS RELEASES FROM THIS DATE:
2013 Smiles For Life Campaign Seeks to Raise Record Amount of Money for Children's Charities
2013-03-05
Help improve a child's life by having your teeth whitened. Sound easy? That's because it is. The 15th annual Smiles For Life Campaign began March 1st, which means dental patients nationwide can brighten a child's future just by visiting their local Crown Council dentist. The campaign runs from March until June and 100% of the proceeds from teeth whitening procedures are donated to worthy children's charities, both locally and around the world. As an additional incentive, each tooth whitening patient enjoys their smile brightening procedure at a discounted rate. Patients ...
The Value Of GAP Insurance
2013-03-05
If you are thinking about buying a new or used car, you are more than likely to be offered GAP Insurance by your local car dealer. The following Auto Trader guide details the different types of Gap Insurance.
What is GAP insurance?
If a car covered by fully comprehensive insurance is declared a write-off, and your insurance claim is successful, the insurer will reimburse you the market value of the car at the time it was damaged. The amount you receive comes from a valuation service (CAP and Glass's Guide are two common ones).
GAP (Guaranteed Asset Protection) ...
How Servcorp is Embracing Technology Change in Singapore
2013-03-05
The traditional office space has always played a big part in the day-to-day operations of businesses, however changes in technology mean that today's offices have to be very different from those offered in the past. Servcorp Singapore is embracing these changes, and offering businesses serviced offices fit for every demand of modern business.
Owing to both the economic downturn and the ability to work from more remote locations, more businesses than ever can benefit from the likes of serviced or virtual offices, as was recently discussed in the Business Times.
Serviced ...
Better Communication is a 'Gem' on Space Station
2013-03-05
"OPALS" in space? Well, it's not the gemstones you may be thinking of. This "gem" is an acronym for Optical Payload for Lasercomm Science, or OPALS, an International Space Station experiment that has the potential to change the way data is transmitted from space to Earth.
Currently, spacecraft communicate and send data back to Earth through radio-frequency, much like your car radio. The OPALS investigation will test and demonstrate the use of optical communications. This emerging technology uses lasers to transmit data, and offers the potential promise ...
Clarity Services, Inc. Gives Lenders Three Credit Scores with Clear Bureau Lite
2013-03-05
Clarity Services, Inc., the leading real-time credit bureau providing fraud detection and credit risk management solutions for Middle America announces its newest product, Clear Bureau Lite.
Clear Bureau Lite is a robust, yet cost effective, report that arms lenders with multiple benchmarks and other variables to assess creditworthiness.
"Clear Bureau Lite provides not one, but three, predictive credit scores to help lenders make better underwriting decisions. It also provides summary trade line information and narrows 1,000 credit attributes down to the 85 that ...
Mysterious electron stash found hidden among Van Allen belts
2013-03-04
U.S. researchers, including a trio from Los Alamos National Laboratory, have witnessed the mysterious appearance of a relatively long-lived zone of high-energy electrons stored between Earth's Van Allen radiation belts.
The surprising findings, discovered by NASA's Van Allen Probes (formerly known as the Radiation Belt Storm Probes), were outlined Thursday in Science Express and during a press conference at NASA headquarters in Washington, D.C. The research was led by Dan Baker of the University of Colorado, Boulder, Laboratory for Atmospheric and Space Physics.
"Nature ...
Gene discovery reveals importance of eating your greens
2013-03-04
Eating your greens may be even more important that previously thought, with the discovery that an immune cell population essential for intestinal health could be controlled by leafy greens in your diet.
The immune cells, named innate lymphoid cells (ILCs), are found in the lining of the digestive system and protect the body from 'bad' bacteria in the intestine. They are also believed to play an important role in controlling food allergies, inflammatory diseases and obesity, and may even prevent the development of bowel cancers.
Dr Gabrielle Belz, Ms Lucie Rankin, Dr ...
Contraband tobacco use hinders smoking cessation
2013-03-04
People who smoke low-cost contraband cigarettes in Canada are less likely to stop smoking in the short term compared with people who smoke more expensive premium or discount cigarettes, according to a study published in CMAJ (Canadian Medical Association Journal).
"We posit that the substantial price gap between premium/discount and contraband cigarettes is the reason for this correlation," writes Graham Mecredy, Ontario Tobacco Research Unit, Toronto, Ontario, with coauthors.
Contraband cigarettes are available in Canada through various channels, including smuggling ...
Contraception in women over 40
2013-03-04
Despite declining fertility, women over age 40 still require effective contraception if they wish to avoid pregnancy. A review article outlines the risks and benefits of various contraceptive options for these women. The article, based on current evidence and published in CMAJ (Canadian Medical Association Journal), is aimed at helping physicians find the best methods for their patients.
The benefits of use outweigh the risks for most contraceptive methods used by women over 40. Even for women with risk factors for complications, methods are available that can be safely ...
Improve prison health care in Canada
2013-03-04
Canada needs to reform its patchwork system of prison health care that does not adequately care for prisoners' complex health care needs, argues an editorial in CMAJ (Canadian Medical Association Journal)
"What is desperately needed is a well-organized and coordinated system of health care, one that follows the offender from the start of his or her incarceration to release and successful return to the community," writes Dr. Ken Flegel, senior associate editor, CMAJ with Dr. Françoise Bouchard, former director general of health services, Correctional Services of Canada.
The ...
LAST 30 PRESS RELEASES:
Hope for global banana farming in genetic discovery
Mirror image pheromones help beetles swipe right
Prenatal lead exposure related to worse cognitive function in adults
Research alert: Understanding substance use across the full spectrum of sexual identity
Pekingese, Shih Tzu and Staffordshire Bull Terrier among twelve dog breeds at risk of serious breathing condition
Selected dog breeds with most breathing trouble identified in new study
Interplay of class and gender may influence social judgments differently between cultures
Pollen counts can be predicted by machine learning models using meteorological data with more than 80% accuracy even a week ahead, for both grass and birch tree pollen, which could be key in effective
Rewriting our understanding of early hominin dispersal to Eurasia
Rising simultaneous wildfire risk compromises international firefighting efforts
Honey bee "dance floors" can be accurately located with a new method, mapping where in the hive forager bees perform waggle dances to signal the location of pollen and nectar for their nestmates
Exercise and nutritional drinks can reduce the need for care in dementia
Michelson Medical Research Foundation awards $750,000 to rising immunology leaders
SfN announces Early Career Policy Ambassadors Class of 2026
Spiritual practices strongly associated with reduced risk for hazardous alcohol and drug use
Novel vaccine protects against C. diff disease and recurrence
An “electrical” circadian clock balances growth between shoots and roots
Largest study of rare skin cancer in Mexican patients shows its more complex than previously thought
Colonists dredged away Sydney’s natural oyster reefs. Now science knows how best to restore them.
Joint and independent associations of gestational diabetes and depression with childhood obesity
Spirituality and harmful or hazardous alcohol and other drug use
New plastic material could solve energy storage challenge, researchers report
Mapping protein production in brain cells yields new insights for brain disease
Exposing a hidden anchor for HIV replication
Can Europe be climate-neutral by 2050? New monitor tracks the pace of the energy transition
Major heart attack study reveals ‘survival paradox’: Frail men at higher risk of death than women despite better treatment
Medicare patients get different stroke care depending on plan, analysis reveals
Polyploidy-induced senescence may drive aging, tissue repair, and cancer risk
Study shows that treating patients with lifestyle medicine may help reduce clinician burnout
Experimental and numerical framework for acoustic streaming prediction in mid-air phased arrays
[Press-News.org] Chattanooga Bankruptcy Lawyers, Clark & Washington, Explain What to Know about Chapter 7 BankruptcyThe Chattanooga bankruptcy law firm wants to help people understand what Chapter 7 bankruptcy is, and why it may be the best option to get out from under overwhelming debt.