Friday, February 20, 2009
14th Judicial Distrtict Circuit Court Judge Opening
So far three attorneys have have submitted applications to fill a vacant Judgeship in the 14th Circuit. The Honorable John W. Rollins passed away in January, leaving an open seat on the bench in Coffee County Tennessee. The current applicants for this seat include Charles Northcott, James Conley, and Mark Williams. The last day for applications to be submitted is February 26, 2009, and the Judicial Selection Commission will begin interviewing the candidates on March 24, 2009.
Thursday, February 19, 2009
New Website!!!
We will be posting our new website tomorrow. Please go to http://www.smithartriplaw.com/ to see our new site and learn more about our services.
Wednesday, February 11, 2009
Chapter 7 Bankruptcy
Everyone is talking about the current state of the economy. Many hardworking individuals and families are facing tough times with layoffs, shutdowns, reduced hours and pay as well as unemployment. It is hard for many people to pay their mortgages, doctor and hospital bills, credit card bills, car loans, and utilities. With these mounting pressures in this difficult economy some individuals need relief. The following will outline a basic "straight" bankruptcy, otherwise known as a Chapter 7.
A Chapter 7 Bankruptcy begins with the debtor (the individual or married couple) filing a petition with the U.S. Bankruptcy Court asking to be relieved of their debts. From the date the debtor files their petition, their assets are then protected by the Bankruptcy Court and most collection actions against the debtor must stop. It is important to note that if someone has co-signed for any of these debts, collection actions for those debts may continue against the co-signer.
To determine whether a debtor is eligible for a Chapter 7 Bankruptcy Discharge they must qualify under strict guidelines. To be eligible, the debtor must earn less than the median income in their state. If the debtor earns more than the median income, they must pass what is called the "means test." The "means test" is a complex formula that the Court uses in accordance with the IRS guidelines to determine if the debtor's income, after certain expenses, is less than $167 per month. A debtor is not eligible to file for a Chapter 7 Bankruptcy if they have filed for and received a Chapter 7 discharge within the past 8 years.
If you are eligible to file for a Chapter 7, in your petition you must file a Statement of Financial Affairs and schedules that outline all of your debts and assets, as well as your income and financial history. It is important to include all the information regarding these debts and assets, because failing to do so may prevent the debtor from having those debts discharged.
A debtor may have to turn over assets to the court to receive a discharge. However, there are assets and interests in assets that are exempt. The debtor's attorney will go over the debtor's assets and help them protect any exempt property.
It is also important to realize that not all debts are dischargeable. Some of these debts include, tax claims, alimony, child support, all property settlement obligations from a divorce or separation, most student loans, fraud debts, and debts resulting from drinking and driving. Debts resulting from willful and malicious acts of the debtor, such as an assault, are also not dischargeable.
If you are considering filing for Bankruptcy in the Middle Tennessee area, we encourage you to contact our office to schedule a free consultation.
A Chapter 7 Bankruptcy begins with the debtor (the individual or married couple) filing a petition with the U.S. Bankruptcy Court asking to be relieved of their debts. From the date the debtor files their petition, their assets are then protected by the Bankruptcy Court and most collection actions against the debtor must stop. It is important to note that if someone has co-signed for any of these debts, collection actions for those debts may continue against the co-signer.
To determine whether a debtor is eligible for a Chapter 7 Bankruptcy Discharge they must qualify under strict guidelines. To be eligible, the debtor must earn less than the median income in their state. If the debtor earns more than the median income, they must pass what is called the "means test." The "means test" is a complex formula that the Court uses in accordance with the IRS guidelines to determine if the debtor's income, after certain expenses, is less than $167 per month. A debtor is not eligible to file for a Chapter 7 Bankruptcy if they have filed for and received a Chapter 7 discharge within the past 8 years.
If you are eligible to file for a Chapter 7, in your petition you must file a Statement of Financial Affairs and schedules that outline all of your debts and assets, as well as your income and financial history. It is important to include all the information regarding these debts and assets, because failing to do so may prevent the debtor from having those debts discharged.
A debtor may have to turn over assets to the court to receive a discharge. However, there are assets and interests in assets that are exempt. The debtor's attorney will go over the debtor's assets and help them protect any exempt property.
It is also important to realize that not all debts are dischargeable. Some of these debts include, tax claims, alimony, child support, all property settlement obligations from a divorce or separation, most student loans, fraud debts, and debts resulting from drinking and driving. Debts resulting from willful and malicious acts of the debtor, such as an assault, are also not dischargeable.
If you are considering filing for Bankruptcy in the Middle Tennessee area, we encourage you to contact our office to schedule a free consultation.
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