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Chapter 7 bankruptcy is the cheapest way to file bankruptcy because there are ways to reduce or waive costs. If someone has no tangible assets, their filing fee and/or bankruptcy court fee waived.

If you file Chapter 7 bankruptcy, you potentially can take advantage of Tennessee's homestead exemption to protect your home and equity. But that will mean you have to keep up with your mortgage payments. You also might be asked to refinance your home to tap into equity to pay down debts.

Go To Your Local Bankruptcy Court To File Your Forms Once you pass security, you will go to the clerk's office and tell the clerk that you're there to file for bankruptcy. They will take your bankruptcy forms and your filing fee (or application for a waiver or to pay the fee in installments).

Depending on the type of bankruptcy you file, the fees you incur will vary. In Tennessee, the price for filing is generally $338. In the Eastern District, filers can pay this fee over a four-month period after they file if they do not have the means to pay upfront. Chapter 13 costs $313 to file.

If you have a limited income, unsecured debts or mostly exempt property, Chapter 7 is your best option. If one of those situations applies to you, you may be completely relieved of your debts without losing too many of your assets. On the other hand, filing for Chapter 7 bankruptcy only eliminates eligible debts.

You can file for bankruptcy in Tennessee after living there for over 180 days. However, you must live in Tennessee for at least 730 days before using Tennessee exemptions. Otherwise, you'd use the previous state's exemptions.