When you file for Chapter 7 bankruptcy, you might have to give up certain property and assets in exchange for the discharge of your debts. Many of us rely on our personal cars to get us to work, take kids to school, and get to other obligations and activities. Losing a car in a bankruptcy case can cause many…
When a household is experiencing serious financial issues, one of the main concerns is often losing the home. When homeowners fall behind on mortgage payments, they can have difficulty ever catching up, and they risk defaulting and facing foreclosure. Many people who are exploring the possibility of bankruptcy have active foreclosure cases, and they are looking for ways to…
Many people assume that bankruptcy results from poor financial decisions. While this can be the case, there are many other reasons why people need financial relief, many of which are beyond their control. If you are struggling with debt, you should discuss your options with an experienced bankruptcy lawyer in Memphis. The following are only some examples of why…
While Chapter 7 bankruptcy is the most common type in the United States, thousands of people benefit from Chapter 13 filings each year. Chapter 13 is a different – and longer – process, though it can still provide valuable debt relief for many households. Below are some common questions about this type of bankruptcy, and to learn more, call…
Chapter 7 bankruptcy is often called a “straight bankruptcy” or a “liquidation bankruptcy,” and it is the most common type of bankruptcy filed in the United States. The following are some common question people have about the Chapter 7 process. If you would like to discuss your bankruptcy options, call a Chapter 7 bankruptcy lawyer in Memphis today. Who…
The prospect of bankruptcy can be stressful, though bankruptcy can also be highly beneficial for many people struggling with overwhelming debt. The following are a few frequently asked questions about the bankruptcy process, and please feel free to contact a bankruptcy lawyer in Memphis about your personal situation. What are My Bankruptcy Options? The United States Bankruptcy Code allows…
In order to initiate a bankruptcy case, you must prepare a petition and file it with the appropriate federal bankruptcy court, along with many supporting documents. These documents require you to report complex and detailed personal and financial information, and it is all too easy to make an error. While mistakes do happen, they can have potentially serious consequences…
Many people worry about filing for Chapter 7 bankruptcy, as it is commonly called the “liquidation bankruptcy.” This means the bankruptcy trustee has the right to seize some of your assets and property to liquidate and make payments to certain creditors before the discharge of your debts. However, this does not mean you will lose your house and everything…
Chapter 7 bankruptcy is the most common type of consumer bankruptcy in the United States, with 475,575 filings with bankruptcy courts last year. In contrast, there were 290,146 Chapter 13 filings in the same year. Chapter 7 bankruptcy does not require you to make out-of-pocket payments to creditors, and you can often receive a discharge of your qualified debts…
