Legal Question in Bankruptcy in Tennessee

Which to File Chapter 7 or 13

My husband and I have accumulated alot of debt in the past year. Now we are unable to pay our credit card, car, and house payments. We are considering bankruptcy but we don't know if chapter 7 or 13 is right for us. I am not working , however, my husband is. I take care of our 16 month old baby. I don't know if we would be better of letting one of our cars get repoed. I actually have two questions: Which type of bankruptcy would you recommend and if we let on of the cars get repoed are we liable for the difference in what the car sells for and what we actually owe?


Asked on 11/30/99, 3:05 pm

2 Answers from Attorneys
James Smith James E. Smith Ltd.

Re: Which to File Chapter 7 or 13

You need to file chapter 7. You can let your car get repossessed and you will not be responsible for a deficiency.

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Answered on 12/01/99, 9:21 pm
James Smith James E. Smith Ltd.

Re: Which to File Chapter 7 or 13

7 and let the car go there will be no consequence.

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Answered on 12/01/99, 9:22 pm


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