Memphis Bankruptcy
Memphis bankruptcy lawyers concentrate on two chapters of the United States bankruptcy Code. Chapter 7 and 13.
Chapter 13 is a wage earner plan that allows those in need of debt relief to make payments over a plan period of 36 to 60 months. Good features of a Chapter 13 is that it is much more likely you could keep your house, car, or other possessions where a lender has a security interest directly in that property. You may be able to keep the property even if you are behind on the payments and the Chapter 13 will allow you to catch up on any back payments over the plan period. There are of course numerous rules and restrictions that may or may not apply.
Chapter 7 allows complete discharge of unsecured debt. You generally will not be able to keep assets in excess of the state exemption amount unless you have little equity in them and you promise to pay (reaffirm technically) the debt in full. Chapter 7 is popular to discharge credit card bills, medical bills, gambling debts, or judgments. Chapter 7 is available but is limited to filers under the state median income or who meet a means test based on their income and allowable expenses.
Contact the Law Office of David M. Sandy for a free initial consultation on bankruptcy matters.
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Licensure: David Sandy is only a licensed attorney in Tennessee and cannot give advice in any way concerning legal or bankruptcy issues occurring outside Tennessee.
Notice: Communications with me via e-mail or otherwise with me does not create an attorney-client relationship. For me to be your Memphis Lawyer requires a retainer agreement signed by me after an in-person consultation. You should not rely on my website or any other website for advice. The materials on this website are provided for informational purposes only, do not constitute legal advice, and are not guaranteed to be complete or up to date. You should consult a Memphis lawyer for individual advice regarding your legal situation.
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The Law Office of David M. Sandy is a federally-recognized debt relief agency. We help people file for bankruptcy under Title 11 of the United States Code.
