Facing financial challenges can be a stressful and complex experience. If you’re considering bankruptcy in Memphis, understanding the differences between Chapter 7 and Chapter 13 bankruptcy is crucial. At Hurst Law Firm, P.A., our experienced Memphis consumer bankruptcy attorneys are here to guide you through the process, ensuring you make informed decisions about your financial future.
Chapter 7 Bankruptcy: A Fresh Start
Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, is designed to help you eliminate most of your unsecured debts, such as credit card debt and medical bills. This process involves a trustee who sells any non-exempt property to pay off creditors. However, many individuals who file for Chapter 7 bankruptcy do not lose any property due to various exemptions.
The key advantages of Chapter 7 include:
- A relatively quick process, typically lasting 3 to 6 months
- Discharge of most unsecured debts, offering a clean slate
To qualify for Chapter 7 bankruptcy, you must pass a means test, which examines your income and expenses. Our Memphis consumer bankruptcy attorneys at Hurst Law Firm, P.A. can help determine if this is the right option for you.
Chapter 13 Bankruptcy: Restructuring Your Debts
Chapter 13 bankruptcy, on the other hand, is a reorganization of debts. It’s an option for individuals with regular income who can pay back a portion of their debts through a repayment plan. This type of bankruptcy can stop foreclosure, make up missed car or mortgage payments, and pay back taxes.
Key aspects of Chapter 13 bankruptcy include:
- The creation of a 3 to 5-year repayment plan
- Keeping your property while restructuring your debts
It’s essential to have a knowledgeable attorney to assist in creating a feasible repayment plan. Our team at Hurst Law Firm, P.A. specializes in crafting plans that meet court approval and suit your financial situation.
Why Choose Hurst Law Firm, P.A. for Your Bankruptcy Case?
Choosing the right attorney for your bankruptcy case is a critical decision. At Hurst Law Firm, P.A., we provide personalized attention and detailed guidance throughout your bankruptcy process. Our team understands the nuances of bankruptcy law in Tennessee and works tirelessly to advocate for your best interests.
Get Expert Guidance on Bankruptcy in Memphis
If you’re considering filing for bankruptcy in Memphis, Tennessee, don’t face it alone. Contact the experienced team at Hurst Law Firm, P.A. to explore your options and find a path to a brighter financial future. Our Memphis consumer bankruptcy attorneys are dedicated to helping you regain financial stability, whether through Chapter 7 or Chapter 13 bankruptcy.
