Bankruptcy refers to a specific legal process that enables consumers and businesses to eliminate their debts and assist them with adequate protection.
Under Tennessee bankruptcy laws, bankruptcy petitions can be filed in two ways.
The first one is for the individuals and the second option is for the businesses.
As an add-on benefit, the bankruptcy law of Tennessee is quite comprehensive to cover a vast array of debt reorganization mechanisms.
Tennessee bankruptcy laws use specific provisions to compare and assess certain income threshold limits and benchmark them against personal income.
This average median income can be used as a test to determine whether a debt reorganization plan needs to be arranged or not.
Bankruptcy process
- Filing for bankruptcy relief and obtaining credit counseling by individual debtors
- Analysis of incomes and expenses to determine qualification for act means test.
- Gathering paperwork for the bankruptcy process
- Filing for bankruptcy using Tennessee exemptions
- Submitting the proposed repayment plan and ensuring Chapter 13 requirements
- Meeting of creditors and plan confirmation
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