IN THE FULL GUIDE YOU WOULD GET:

A basic understanding of the 2 main types of consumer bankruptcy, valuable insights into evaluating bankruptcy as a debt reduction tool,

and practical guidance for finding a quality bankruptcy attorney.

Topics covered:

- An overview of the bankruptcy process. - Key bankruptcy terms like: “discharge,” “automatic stay,” and “exemptions.” - Chapter 7 bankruptcy: what it is, how it works, and when it is preferred. - Chapter 13 bankruptcy: what it is, how it works, and when it is preferred. - How bankruptcy can save a home from foreclosure or a car from repossession. - 5 good reasons to file bankruptcy. - 5 good reasons not to file bankruptcy. - 3 alternatives to filing for bankruptcy. - 5 questions to ask when interviewing a prospective bankruptcy attorney.

CONSUMER’S GUIDE TO

BANKRUPTCY

Want a free copy of this guide? Just send an email to bkguide@llgtn.com and look for it in your inbox!

This is an excerpt from the

WHAT IS A BANKRUPTCY DISCHARGE?

One  of  the  main  reasons  why  people  file  bankruptcy  is  to  obtain  a  discharge  of  their  debts.    When  you  complete  your  bankruptcy  case,  you  no  longer  owe  the  debts  that  were  discharged,  and  the  creditors  can  never  come  after  you  to  collect  on  those  debts  ever  again.    Not  all  of  your  debts  will  necessarily  be  discharged.    Certain  types  of  debts  will  not  be  discharged  as  a  matter  of  law,  and  other  debts  may  not  be  discharged  because  of  something  you  have  done  or  not  done.            

The  bankruptcy  discharge  releases  a  debtor  from  their  obligation  to  repay  certain  debts,  and  it  also  protects  debtors  when  creditors  attempt  to  collect  on  these  debts.        

COMMON DISCHARGEABLE DEBTS 1. Credit  cards;  2. Medical  bills;  3. Personal  loans;  4. Check  advances;  5. Fees  owed  to  

professionals  (like  attorneys  and  CPAs);  

6. Deficiencies  for  foreclosed  homes  and  repossessed  vehicles.  

   

COMMON NON-DISCHARGEABLE DEBTS 1. Domestic  Support  

Obligations  (child  support  &  alimony);  

2. Student  Loans  (unless  certain  circumstances  exist);  

3. Debts  for  money  obtained  by  lying  or  through  deceit  (like  fraud,  larceny,  false  representations,  or  embezzlement);  

4. Debts  arising  out  of  willful  or  malicious  injury;  

5. Debts  not  listed  on  the  schedules.  

 

Got a question about your situation or something you read in this guide? Feel free to email me at bkguide@llgtn.com, call me at 615-807-1064,

or visit the website at www.llgtn.com.

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ABOUT THE AUTHOR

Gordon  H.  Boutwell,  Atty  Lodestone  Legal  Group  198  E.  Main  St.,  Ste.  4  Franklin,  TN  37064  615-­‐807-­‐1064  bkguide@llgtn.com  www.llgtn.com        

GORDON BOUTWELL is   a   bankruptcy   and   consumer  protection   attorney   in   Franklin,   Tennessee.     He   has  practiced   law   since   2006,   with   most   of   that   time  dedicated   to   bankruptcy,   personal   finance,   and  consumer  advocacy.        Over  the  years  he  has  helped  hundreds  of  individuals,  couples,  and  families  with  their  financial  problems.    He  believes   in   treating   other   people   the   way   he   would  want  to  be  treated  in  the  same  situation.    He  takes  the  time  to  get  to  know  his  clients,  and  he  educates  them  on  their  options  for  getting  out  of  debt,  helping  them  to  understand  and  evaluate  them.            He   believes   bankruptcy   is   a   worthwhile   tool   to   help  some   (but   not   all)   people   get   out   of   debt,   and,  when  combined  with  financial  education  and  counseling,  can  be  a  springboard  to  financial  independence.        In  March   2011,   Gordon   and   R.   Keith   Gordon   formed  the   Lodestone   Legal   Group   in   Franklin   Tennessee,  with   the   purpose   of   assisting   business   and   private  clients  by  exploring  legal  options,  navigating  the  legal  pitfalls,   and   providing   measurable   results   through  custom  solutions  and  a  commitment  to  the   lost  art  of  personal  care  and  client  service.    Lodestone   Legal   Group   practices   in   the   areas   of  bankruptcy,  debt  negotiation  and  settlement,  financial  counseling,   residential   and   commercial   real   estate,  estate  planning   (wills  and  trusts),   and  small  business  and  corporate  law.