Franklin Bankruptcy Attorneys

The Bankruptcy Process

The bankruptcy process has several steps which must be completed before you can file and before you can receive a discharge of your debts. If you are thinking about bankruptcy, it is best to consult with a Williamson County bankruptcy lawyer at our firm about your specific situation, to determine what type of bankruptcy or other debt relief solutions may apply to you. Our firm serves prospective clients throughout middle Tennessee, including all of Williamson County and the cities of Franklin, Brentwood, Spring Hills, Fairview, College Grove, Columbia, Lewisburg, Lawrenceburg, and Centerville.

Bankruptcy Requirements and Steps

The first step in the bankruptcy process is credit counseling from a federally approved nonprofit budget and credit counseling agency. This must be completed during a 180 day period prior to filing. This step consists of a briefing that outlines the opportunities for available credit counseling and helps you do a budget analysis. This step is important because it helps you to determine if you need to file for bankruptcy or if an informal repayment plan will be sufficient to restore you to financial stability or if you have debts you consider unfair and do not want to pay. During this step, if the credit counseling agency proposes a repayment plan, you must submit it to the court. In any case, you must submit a certificate from the agency to the court showing that you have completed the credit counseling action. You must also file any overdue tax returns within weeks before filing a Chapter 7 bankruptcy.

After that, you may proceed with filing your bankruptcy case. Generally within 20 to 40 days after you file, your trustee will hold a "first meeting of creditors," called a 341 meeting. You must be present at that meeting to answer any questions, under oath, about your debts and property. Creditors have 60 days after this meeting to contest your bankruptcy with the court. You may "reaffirm" debts you wish to continue to pay, such as auto loans. This must be done within 45 days after the 341 meeting. After the case is completed and before your debts are discharged, you must complete a financial management course as well.

For further information and to find out what type of bankruptcy you are eligible for, it is important to speak with a Williamson County bankruptcy attorney at our firm who is highly knowledgeable in state and federal bankruptcy laws and procedure.