Memphis Bankruptcy Law Firm
If you find yourself drowning in debt and struggling to make ends meet, bankruptcy may be a viable option for you to regain control of your finances.
Experienced bankruptcy lawyers in Memphis, TN, from the Wh Law law firm can guide you through the process and help you find a fresh start financially.
Our top-rated law firm will provide you with the legal representation you need to navigate financial distress.
Our on-staff bankruptcy attorneys have been practicing law for decades and even offer a free consultation to those thinking about filing for bankruptcy.
Don’t wait! The debt relief you’re looking for is well within reach. Take the first step toward financial security by scheduling your free strategy session with a bankruptcy law expert from wh Law.
Why File For Bankruptcy?
If you are struggling to pay the bills and are seeking debt relief assistance in various areas, our bankruptcy lawyers can:
- Stop foreclosure: if you are facing the threat of losing your home due to foreclosure, we can halt the foreclosure process and provide you with an opportunity to explore alternatives.
- Stop wage garnishment: we can help stop wage garnishment, where a portion of your wages is withheld to repay creditors.
- Stop collections/creditor harassment: we provide immediate relief from creditor harassment, including phone calls, letters, and aggressive collection tactics.
- Stop repossessions: if your vehicle or other property is at risk of being repossessed, we can halt the repossession process and give you an opportunity to address the debt.
- Perform debt consolidation: we will help you consolidate your debts into a single, manageable payment plan.
- Get a fresh start: we can help you get the opportunity to start anew, free from crushing debt and the stress that accompanies it.
What are the Types of Bankruptcy?
There are different types of bankruptcy, each with its own purpose and requirements.
Chapter 7 bankruptcy discharges most of a person’s or business’s past debts, such as credit card debt and other bills.
However, it’s important to note that not all debt is dischargeable.
Additionally, if you wish to keep property that serves as security for a debt, such as a house or a car, you may choose to continue paying.
Chapter 13 bankruptcy allows individuals with a regular source of income to set up an affordable and customized wage-earner plan for repaying a portion of their debt.
The repayment plan usually lasts three to five years, during which you make monthly payments to creditors. At the end of that period, the remaining debt is discharged.
How do I Qualify to File For Bankruptcy?
Not everyone is eligible to file for bankruptcy, as there are specific requirements they first need to meet.
Chapter 7 Bankruptcy
To qualify for Chapter 7 bankruptcy, you must meet these criteria:
- Social Security Number: You must have a valid Social Security number.
- Previous Filing: You should not have filed for bankruptcy in the last eight years.
- Means Test: Chapter 7 filers must pass a means test to determine if they have severe financial hardship. The means test evaluates your income and expenses to determine eligibility.
- Property Exemption: Most individuals considering Chapter 7 only own property that is exempt from liquidation under the law. This means that they can keep their property while having their eligible debts canceled or discharged.
Chapter 13 Bankruptcy
Regular Source of Income
To be eligible for Chapter 13 bankruptcy, you must have a regular source of income. This can include employment income, business income, retirement benefits, or other consistent sources.
Certificate of Credit Counseling
Before filing for Chapter 13 bankruptcy, you will be required to obtain a certificate of credit counseling from an approved agency. This counseling helps assess your financial situation and explore alternatives.
To determine your eligibility and understand which chapter is most suitable for your situation, it is best to consult with a bankruptcy attorney.
How Do I File For Bankruptcy?
- Determine the type of bankruptcy: Assess your situation and decide whether Chapter 7 or Chapter 13 is right for you.
- Complete credit counseling: Undergo credit counseling from an approved agency within 180 days before filing.
- Gather necessary documents: Collect all required documents, including proof of income, your list of assets and debts, monthly expenses, tax returns, and other relevant financial information.
- Complete forms: Fill out the official forms accurately and thoroughly, with the help of attorneys.
- File the forms: Submit the completed forms to the court in your jurisdiction, along with the required filing fee.
- Attend the meeting of creditors: Attend the mandatory meeting of creditors — you will answer questions under oath regarding your situation and bankruptcy filing.
- Complete debtor education: Finish a debtor education course from an approved agency — this course is designed to provide you with financial management skills and guidance for a fresh start.
- Receive the discharge: If everything goes smoothly, the court will grant discharge — relieving you of personal liability for certain debts and giving you a clean slate to rebuild your financial life.
Do I Need to Hire a Bankruptcy Attorney Memphis, TN to File?
While you are not required to hire an attorney when filing for bankruptcy, it is highly recommended, especially considering the complex nature and potential consequences of the bankruptcy process.
Set up a free consultation to discuss your case with one of our bankruptcy attorneys Memphis, TN who can provide personalized advice based on your unique financial circumstances.
Contact us today at 501-891-6000 or visit our office at 6584 Poplar Ave 2nd Floor – Suite 5 Memphis, TN 38138.