Tennessee Western District Bankruptcy Guide and Forms Package for Chapters 7 or 13

Identifying Information. The Voluntary Petition for Individuals Filing for Bankruptcy form acts as the cover sheet for your paperwork. Your Property. Your Exempt Property. Your Collateralized Debt. Your Other Debt. Your Contracts and Leases. Your Codebtors. Your Income.

To file Chapter 7 bankruptcy in Tennessee, you must pass the means test by having a family income lower than the median of the state. If your family income exceeds the median income of Tennessee, you might pass the test after you subtract allowed expenses.

Chapter 7 is the most common type of bankruptcy and is often referred to as a straight bankruptcy. Under Chapter 7, you can eliminate most of your unsecured debts and some secured debts by surrendering your assets. Unsecured debts are debts not secured with collateral, including most personal loans and credit cards.

The Overall Chapter 13 Average Payment. The average payment for a Chapter 13 case overall is probably about $500 to $600 per month. This information, however, may not be very helpful for your particular situation.

However, when you file for bankruptcy, you never really have to go to court. The only appearance you are required to make is attending the 341(a) Meeting of Creditors. The 341(a) Hearing is held around 30-35 days after your bankruptcy case is filed.

Debts You Must Pay in Full Through Your Plan. Add up the following debts and divide by the number of months your plan will last. Secured Debt Payments on Property You Want to Keep. Unsecured Debts. Length of Your Repayment Plan.

What Documents Do You Need to File for Bankruptcy? Tax Returns. Income Documentation. Vehicle Registration, Proof of Value & Insurance. Retirement And Bank Account Statements. Identification. What Information Do You Need to Complete the Bankruptcy Forms? Credit Counseling Requirement.

There is no minimum amount of debt you must have in order to file for bankruptcy relief. While the amount of your debt is an important factor to consider, there are other more important factors to take into account in determining if a bankruptcy filing is in your best interest.

There is a fee required for filing your Chapter 7 bankruptcy in Tennessee. The current Chapter 7 filing fee is $338. Unless there is another arrangement in place this amount must be paid in full at the time you file your bankruptcy with the court.