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…
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…
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…
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….
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…
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…
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…
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…
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…
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…
