A number of previous posts have discussed the pros and cons of Chapter 7 bankruptcy. Each situation is different, so a bankruptcy filing will likely have a different impact on one Tennessee resident than it would another. However, there is one pro that is common in all Chapter 7 bankruptcy filings: the "automatic stay."
Most of our readers in Tennessee know the basics about bankruptcy: it helps consumers and businesses address overwhelming debt obligations. But, there are different types of bankruptcy filings that an individual can pursue. Most commonly, an individual who is exploring bankruptcy will likely be presented with the option to pursue Chapter 7 bankruptcy first. So, what do you need to know about Chapter 7 bankruptcy?