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Two basic types of consumer bankruptcy cases are provided for under the Bankruptcy Code. The cases are traditionally given the names of the chapters that describe them. Chapter 7, entitled Liquidation, contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor’s estate, reduces them to cash, and makes distributions [...]
A discharge releases individual debtors from personal liability for most debts and prevents the creditors owed those debts from taking any collection actions against the debtor. Because a chapter 7 discharge is subject to many exceptions, debtors should consult competent legal counsel before filing to discuss the scope of the discharge. Generally, excluding cases that [...]
When a chapter 7 petition is filed, the U.S. trustee appoints an impartial case trustee to administer the case and liquidate the debtor’s nonexempt assets. 11 U.S.C. §§ 701, 704. If all the debtor’s assets are exempt or subject to valid liens, the trustee will normally file a “no asset” report with the court, and [...]
Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that [...]
The “current monthly income” received by the debtor is a defined term in the Bankruptcy Code and means the average monthly income received over the six calendar months before commencement of the bankruptcy case, including regular contributions to household expenses from nondebtors and including income from the debtor’s spouse if the petition is a joint [...]
Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor [...]
Starting July 1, 2010, Tennessee personal property exemption amount increases to $10,000 from $4,000. This is a significant increase from previous exemption which will help bankruptcy filers protect sizeable amount of their property from the bankruptcy trustee. Tenn. Code Ann. Section 26-2-103.
Exemption is certain property or asset owned by an individual debtor that the Tennessee law permits the debtor to keep from unsecured creditors. For example, in Tennessee, the debtor may be able to exempt portion of the equity in the debtor’s primary residence (homestead exemption), or some “tools of the trade” used by the debtor [...]
According to § 109 of the Federal Bankruptcy Code, almost any person may be a debtor under chapter 7 only if such person or entity is not a railroad, financial institution, foreign insurance company, and foreign financial institution. A business that is not a partnership, corporation, or business trust, cannot file a separate bankruptcy petition [...]
