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Category: bankruptcy

Loans from Family and Friends in Bankruptcy

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When people experience financial hardship, their close family members and friends might offer to try to help. However, if you borrowed money from those closest to you, and you still could not get ahead, you might need to file for Chapter 7 bankruptcy. The bankruptcy petition requires that you list all of your debts – and this does mean…

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Are Medical Bills a Good Reason for Bankruptcy?

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Unexpected medical expenses can create significant financial strain. Even if your insurance covered some of your bills, you may be facing substantial hospital or doctor’s bills and have no idea how to pay them back. Thankfully, bankruptcy may be able to help you eliminate your medical debt and provide you with a fresh financial start. Bankruptcy is not right…

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Do You Have Overwhelming Credit Card Debt?

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There are many people who struggle with credit card debt throughout their lives. Credit cards can seem like a godsend when you need to cover expenses or want to make a purchase, and you do not have the cash. However, credit card balances add up quickly, and they can take a long time to pay off. The COVID-19 pandemic…

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Can You Get Rid of All Your Debts in Bankruptcy?

If you are struggling to keep up with your bills, you may be wondering whether bankruptcy can help. While every situation is different, bankruptcy can often eliminate debts and provide a fresh financial start. In fact, many people find that their lives improve immediately after filing bankruptcy and wish they had filed sooner. How Does Bankruptcy Work? Chapter 7…

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How the Pandemic Can Lead to Bankruptcy

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During the COVID-19 pandemic, the focus for many people has been on avoiding the virus and staying healthy. However, many households have added concerns due to financial hardship. There are many ways the pandemic can create financial difficulties for families, and you should discuss your options for legal relief with a bankruptcy lawyer in Memphis. Loss of Income The…

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What to Expect from Your First Meeting with a Memphis Bankruptcy Attorney

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If you have been struggling to pay your debts, you might hesitate to consult with a bankruptcy attorney. After all, no one likes airing out their financial laundry to others, especially when the situation is dire. However, it is important to know that bankruptcy lawyers in Memphis are committed to helping people find relief from financial stress without judgment….

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What is the Homestead Exemption?

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When you file for Chapter 7 bankruptcy, you can protect certain property by applying exemptions set out by the law. Sometimes, these exemptions can be confusing, especially when it comes to protecting equity in your home. It is important to have the help of an experienced bankruptcy lawyer in Memphis to ensure you receive the greatest possible protection. Protecting…

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Handling Debts of a Sole Proprietorship

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2020 has been a difficult year for consumers and businesses alike. The economic shutdown due to COVID-19 concerns had a particularly challenging impact on small businesses, including sole proprietorships. These are businesses operated by one individual without formal legal formation with the State of Tennessee. Sole proprietorships can be beneficial business arrangements, though one downfall is the lack of…

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What Happens to Your Tax Return in Bankruptcy?

Memphis bankruptcy attorney

Many people filed their tax returns on or near the July 15th deadline for 2020, so you might have recently received your tax refund or are expecting it any day now. While having extra cash on hand from a tax refund can be nice, for many people, it will not even come close to helping with overwhelming debt. If…

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Will You Lose Your Property in Bankruptcy?

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Chapter 7 bankruptcy benefits many people by erasing much of their debt. However, the bankruptcy process requires debtors to give up non-exempt property for the bankruptcy trustee to liquidate to pay priority creditors. Many consumers hesitate to file a Chapter 7 case because they worry that they will lose all their property as a result of their case. It…

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