Looking for a bankruptcy attorney in Memphis, TN, may seem like a frightening proposition. Anyone considering filing for bankruptcy is already in a tough spot, and the stress alone is a lot to handle. It’s even more difficult if you’re unfamiliar with the bankruptcy process and don’t know what to expect, but a good attorney and a good law firm can make all the difference. You may already be dealing with phone calls and harassment from creditors. The problems you face may include a foreclosure on your home or an eviction. Others issues that may weigh on your mind include having your wages garnished or your car being repossessed, or possible law suits. You may feel like a giant bundle of stress, but knowing what to expect and having an experienced attorney can help alleviate a lot of those worries.
Types of Bankruptcy
You may be wondering what the difference is between a Chapter 13 and a Chapter 7. A Chapter 13 is a “reorganization” bankruptcy, whereas a Chapter 7 is a “liquidation” bankruptcy. A Chapter 7 is typically recommended for someone that doesn’t own any property that would be subject to liquidation. That includes things like cars and houses, which can be sold to pay off debt. If you only own property exempt from liquidation, Chapter 7 is likely best for you. You should consult an attorney and examine your particular circumstances to make that decision. If you do own property that is subject to liquidation, you’ll likely