901.725.10002287 Union Avenue, Memphis, TN 38104

Category: bankruptcy

Handling Debts of a Sole Proprietorship

memphis chapter 7 bankruptcy attorney

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…

Read More

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…

Read More

Will You Lose Your Property in Bankruptcy?

bankruptcy attorney

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…

Read More

Chapter 7 or Chapter 13 Bankruptcy – Which is Right for You?

chapter 13 bankruptcy

In the past year, United States federal courts reported more than 479,000 Chapter 7 bankruptcy cases filed, and over 277,000 Chapter 13 cases filed. While Chapter 7 is the most commonly filed type of consumer bankruptcy, it is not the right choice for everyone. There are many different factors that should be considered when deciding which type of bankruptcy…

Read More

Bankruptcy Can Provide Automatic Relief

bankruptcy

In the weeks and months leading up to a bankruptcy filing, you might be dodging collector communications, fearing legal judgments or foreclosure, dealing with the financial constraints of wage garnishments, and more. This can be highly stressful, though you should know that bankruptcy provides almost immediate relief from the above concerns. When you file for Chapter 7 or Chapter…

Read More

Will We See an Increase in Chapter 7 Bankruptcy Cases in 2020?

chapter 7 bankruptcy

2020 will be marked as the year of the COVID-19 (coronavirus) outbreak. With the pandemic has come business closures and Shelter in Place orders throughout the country and the world. While we are all facing this strange time together, some households in the United States are bound to feel the financial burden of quarantine and closures more dramatically. While…

Read More

Requirements for Chapter 7 Bankruptcy Cases

chapter 7 bankruptcy

Chapter 7 bankruptcy is the most common type of bankruptcy filed in the United States. However, not everyone is allowed to have their debts discharged under Chapter 7 of the U.S. Bankruptcy Code, and the following are some basic requirements for a case. To learn whether you qualify for this type of case, speak with a Chapter 7 bankruptcy…

Read More

Is Chapter 7 Bankruptcy the Right Choice for You?

chapter 7 bankruptcy

Chapter 7 is the most common type of consumer bankruptcy, and many businesses also file under Chapter 7 if they are liquidating and shutting down. However, just because this is a popular type of case does not mean it is the right option for everyone who is seeking relief through bankruptcy. You should discuss your situation with an experienced…

Read More

Common Bankruptcy Myths

bankruptcy myth

Bankruptcy helps hundreds of thousands of people each year in the United States. However, there are many misconceptions about the bankruptcy process that might confuse people who might consider bankruptcy. The following are some common bankruptcy myths. You will lose everything you have. Chapter 7 bankruptcy – the most common kind – does require filers to relinquish nonexempt property…

Read More

Should You File Bankruptcy Before or After the Holidays?

bankruptcy

If you are heading into the holidays with overwhelming debt, the financial stress of the season can be too much to handle. Many people decide at this time to file for bankruptcy for debt relief – though should you file before or after the holidays get here? You should always discuss your specific situation with an experienced bankruptcy lawyer,…

Read More