Memphis Chapter 7 Bankruptcy Attorneys
Helping To Lift Your Financial Burdens
Chapter 7 is a liquidation of debt where we file a petition disclosing your debts, assets, and other financial information to the court. After an interview with a case trustee who will decide whether or not to attempt to seize assets from you, the court will approve your bankruptcy petition and order a discharge of debt about four months or so after you file. You must pass a means test to file Chapter 7, which means you may have to file Chapter 13 if you make too much money. You also have the ability to keep secured debts that you are current on such as a car or house. Most people do not lose any assets in Chapter 7 other than collateral they cannot afford to keep because the state has exemptions that protect most people’s assets from seizure.
We have all seen the debt relief advertisements on television, on the Internet, in newspapers and magazines. Unfortunately, these promises of debt relief are empty ones. These companies that specialize in debt relief often charge fees that result in no benefit. Mortgage companies, banks, credit card companies and other lenders do not typically negotiate with these companies. They have no legal obligation to do so. Fortunately, there is real relief from debt available. In order to get relief, you need an attorneys on your side.
Chapter 7 Bankruptcy may be Right for You
The federal government regulates bankruptcy and has many rules and regulations that are intended to benefit you and Chapter 7 is one of them. It is a liquidation of assets and a complete discharge of debts. You can get rid of as much debt as possible without having to give up much of your property. Some debts cannot be discharged at all but many debts can be. Many of your assets and your property may also be protected.
First we will use a means test and collect your financial information to determine if you qualify for Chapter 7. If you do, you may be eligible for numerous benefits including:
- Keeping your house if you are current on your payments
- Keeping your vehicles if you are current on your payments
- Avoiding confrontations with creditors
- Putting an immediate stop to creditor harassment once the bankruptcy process begins
- Developing a very clear and practical plan for getting out of debt
Bankruptcy law can be complex if you are unfamiliar with the process. Collecting financial information, determining which assets are exempt and which are not, determining what debt is secured and what is not, filing the appropriate paperwork correctly and on time. . . the list of complexities goes on.
Contact us today to discuss your options.