Filing For Bankruptcy in Memphis, TN


What You Need To Know About Bankruptcy

When Should Someone File For Bankruptcy?

Bankruptcy Law Book — Bankruptcy Attorney in Memphis, TN
With the high rate of unemployment and rising rate of inflation, millions of Americans are facing tough economic times and drowning in debt. There are many debt relief and debt consolidation programs available. Call (901) 672-7345 to learn more about your legal options.

Contact the experienced attorneys at Lemeh & Associates, PLLC, if you are facing foreclosure, repossession, or wage garnishments. We understand how stressful the thought of bankruptcy can be, and offer personable, professional legal services. We will assist you with regaining control of your finances.

Before deciding on bankruptcy, ask yourself the following four questions to see if bankruptcy is right for you.

 

Four Questions Before Filing For Bankruptcy

 
1. Is filing for bankruptcy the right choice for me?
Most experts agree that bankruptcy should be your last resort since it's a major financial decision that'll affect your credit report for the next 10 years. If you can, you should first try to negotiate with debtors, consolidate your debts or sell your house.

2. Which bankruptcy option should I take?
Most people don't realize that there are six bankruptcy options, of which Chapters 7 and 13 are the most common. If you have a lot of debt and no income, Chapter 7 can give you a clean slate whereas Chapter 13 allows you to create a three-five year repayment plan. If you own a business, Chapter 11 might also be a good option. Talk with your bankruptcy attorney for more information.

3. Will filing for bankruptcy get rid of all my debts?
Before filing for bankruptcy, it's important that you take a close look at all of your debts. If you have mostly credit card debts, bankruptcy can be an enormous help. However, bankruptcy will not discharge your student loans, alimony or child support obligations.

4. Will I be able to borrow again?
Though filing for bankruptcy will hurt your credit score, it is possible to successfully apply for credit cards or loans; unfortunately, you'll likely receive high interest rates. Once you begin to rebuild your credit and show that you can be a reliable borrower, you'll start to see favorable credit card offers again.

Stopping Foreclosures

 
This article outlines both Chapter 7 and Chapter 13 bankruptcy and compares how each type of bankruptcy works in conjunction with foreclosure.

To read more about Chapter 7 and Chapter 13 bankruptcy, as well as how they can either slow or completely stop the foreclosure proceedings on your home, check out this link.

This extensive and informative article provides excellent and complete information about Chapter 13 bankruptcy.

For a good overview of Chapter 13 bankruptcy, check out this article from FindLaw.com.

 
 

Important Forms

Please download and complete the forms prior to your appointment.
 
Bankruptcy Petition — Bankruptcy Attorney in Memphis, TN