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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…

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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…

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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…

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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…

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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,…

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Can I Keep My Car in Chapter 7 Bankruptcy?

chapter 7 bankruptcy

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…

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Can Bankruptcy Stop a Foreclosure?

foreclosure

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…

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Common Reasons for Bankruptcy

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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…

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Chapter 13 Bankruptcy FAQ

chapter 13 bankruptcy FAQ

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…

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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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