BANKRUPTCY LAWYERS IN MEMPHIS, TN
Although it may be a last resort, filing for bankruptcy is a good way to get creditors off your back and start over with a clean slate. In fact, almost 14,000 people filed for bankruptcy in Western Tennessee from April through March alone. Of those, 3,407 filed Chapter 7 bankruptcy; 25 filed Chapter 11; 3 filed Chapter 12, and 10,474 filed Chapter 13. Depending on your situation, filing for bankruptcy could even help save your home. If you’re experiencing financial troubles and considering bankruptcy, fill out this form for a free case evaluation. Morgan & Morgan will assess your individual financial situation and help determine if bankruptcy is the best course of action for you and your family.
If you don’t have many assets or an interest in keeping your home, you might qualify for Chapter 7. Once you file a petition and the necessary paperwork, you’ll take the debt management class and attend the ‘341 meeting of creditors. After complying with all mandates, the bankruptcy court will discharge your debt. Your slate will be clean, excluding any debt that’s unclaimable in bankruptcy, such as alimony and child support.
Another common form of bankruptcy is Chapter 13. Instead of liquidating your assets, Chapter 13 reorganizes your debt. Typically, filers can keep their homes and catch up on mortgage payments with this form. Like Chapter 7, you must take a debt management class and attend a 341 meeting of creditors. However, creditors rarely show up. You’ll also create a plan to pay back any debt that is in arrears. Depending on your circumstances, you may end up paying just a portion of what you owe.
The Automatic Stay
Once you file bankruptcy, the court disallows creditors from calling you. If you have an open action in civil court, such as a foreclosure action, that case is stayed—postponed—until the bankruptcy finishes or until the court gives the creditor permission to continue collections. When you do get calls from creditors, advise them that you have filed bankruptcy, and if they have any questions, they should contact your attorney.
Debt That Cannot Be Erased
Some forms of debt are non-dischargeable. These include student loans, child support, and most tax obligations. However, you may include those debts under Chapter 13 as part of a payment plan. The monthly payment plan serves as a good way to get caught up on these debts. You can even include your back mortgage payments on a Chapter 13 plan. If you are on time regarding current payments, you will be able to catch up the arrearage on the mortgage.
Contact Bankruptcy Lawyers in Memphis, TN
If you feel like you’re drowning in debt and are desperate for a solution, contact Morgan & Morgan. Our bankruptcy lawyers in Memphis, TN are passionate about finding solutions to alleviate financial stress. We’ll assess your situation and determine if and what form of bankruptcy is right for you. Then, we’ll help you navigate every step of your case so you can focus on what matters most. With more than 400 attorneys and 50 offices nationwide, we have the resources necessary to provide you the best service possible. Don’t go through this alone. Having the right law firm on your side to fight for your best interests can make all the difference. Discover what we can do for you by filling out this form for a free case evaluation.