Chapter 7

Mary Beth Ausbrooks - bankruptcy - Super Lawyers

About Mary Beth Ausbrooks

Rothschild & Ausbrooks, PLLC
1222 16th Avenue South , Suite 12
Nashville, TN
Phone: 615-242-3996
Fax: 615-690-3119

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Selected To Super Lawyers: 2014, 2019
Selected To Rising Stars: 2010 - 2011

Video Transcript 

[MUSIC PLAYING] ATTORNEY: A chapter 7 bankruptcy is a complete bankruptcy. One can receive a discharge in chapter seven of most all of their debts. When you file Chapter 7 and you have secure debts, such as a mortgage or a car note, you have to make a decision on whether or not you want to keep that collateral.

One way to keep it is through reaffirming the debt. That means you enter into an agreement with your creditor, wherein you re-promise to pay that debt back per the original contract terms. Another way to deal with that debt is to give the collateral back. Give that car back to the lien holder and then walk away and owe nothing further.

Another way is to redeem the debt. You would do that when the collateral is worth way less than what you owe. When you redeem a debt that's when you offer to pay a cash settlement for the value and then you're forgiven of the rest of the debt. Certain circumstances, we can avoid the lien altogether, of the secured debt. You won't lose the collateral and you don't have to repay the debt.

Not all debts are dischargeable though, there are certain debts like obligations that arise from a divorce decree, taxes, student loans. Those, there's not much bankruptcy relief available in chapter seven. However, all other debts can disappear. It really gives one a fresh start.

[MUSIC PLAYING]

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