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Chapter 7 Bankruptcy FAQ

chapter 7 bankruptcy FAQ

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…

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Bankruptcy FAQ

bankruptcy lawyer

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…

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Avoid Mistakes on Your Bankruptcy Petition

Memphis bankruptcy lawyer

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…

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What is the Homestead Exemption in Bankruptcy?

Memphis bankruptcy lawyer

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…

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When is Chapter 13 Bankruptcy the Right Choice?

bankruptcy

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…

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Dos and Don’ts When Preparing for Bankruptcy

Even if you’ve decided that bankruptcy might be the right option to resolve your overwhelming debt issues, it may be weeks before you have the time to file your petition. The best way to know what to do or not do during this time is to speak with a skilled bankruptcy attorney, though the following are some general tips…

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Tips for Your Meeting of the Creditors

After you’ve found your Memphis bankruptcy attorney, and all the paperwork has been filed, then comes what is known as the meeting of the creditors, or the 341 hearing. This in-person meeting is typically one of the last steps before your case can fully be processed and your debts discharged. It is also something that tends to cause a…

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5 Ways to Sabotage Your Chapter 7 Bankruptcy

For those seeking lasting debt relief and a fresh start in life, Chapter 7 bankruptcy can be a great option. This type of consumer bankruptcy allows you to discharge many of your debts like medical bills and credit cards, while protecting certain assets. If you’ve made it this far, you’re likely getting started with filing for bankruptcy, or you’re…

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FAQs About the Bankruptcy Means Test

For anyone looking to file for bankruptcy in Memphis, it’s important to know that not everyone will be eligible. There are certain requirements that must be met, before you can begin the process of filing for Chapter 7. However, it’s quite easy to determine your potential ability to get bankruptcy; a simple test is all you need! Your local…

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How to Get Credit After Filing Bankruptcy

One of the main factors that prevents people from filing Chapter 7 or Chapter 13 bankruptcy is the fear of not being able to obtain new credit in the future. There are many misconceptions about bankruptcy out there, but one of the biggest ones is that it’s nearly impossible to rebuild your credit after filing. This simply isn’t true….

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