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…
