Two basic types of consumer bankruptcy cases are provided for under the Bankruptcy Code. The cases are traditionally given the names of the chapters that describe them. Chapter 7, entitled Liquidation, contemplates an orderly, court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions [...]
Debtors should be aware that there are several alternatives to chapter 7 relief. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Such debtors should consider filing a petition under chapter 11 of the Bankruptcy Code. Under chapter 11, the debtor [...]
Starting July 1, 2010, Tennessee personal property exemption amount increases to $10,000 from $4,000. This is a significant increase from previous exemption which will help bankruptcy filers protect sizeable amount of their property from the bankruptcy trustee. Tenn. Code Ann. Section 26-2-103.