Bankruptcy Law Firm Memphis, TN
What is Bankruptcy?
Bankruptcy is a process established by the United States Constitution and set forth in Chapter 7 of Title 11 of the United States Code. The purpose of bankruptcy is to help people who are unable to pay their debts get a fresh start by relieving them of most or all of their debts, while at the same time allowing creditors to receive some or all of what they are owed.
Why hire a bankruptcy law firm?
Are you struggling with debt? Do you think filing for bankruptcy may be the right thing to do, but you’re not sure where to start? Hiring an experienced bankruptcy law firm Memphis, TN like Darrell Castle & Associates may be the best solution. Even though you can file for bankruptcy without a bankruptcy law firm it’s a complicated process that requires a lot of paperwork and court appearances.
The U.S. Bankruptcy Code is very detailed, so working with a knowledgeable attorney is essential. Your bankruptcy law firm Memphis, TN will help you decide which chapter of the U.S. Bankruptcy Code is right for you – Chapter 7 or Chapter 13 bankruptcy – and guide you through the process from start to finish.
How much does hiring a bankruptcy law firm cost?
The cost of hiring a bankruptcy law firm depends on many factors, including whether or not you have an attorney, how much money you owe, and what kind of debt you have. In general, however, hiring an attorney will cost less than filing for bankruptcy on your own because it can be complicated and time-consuming to do it yourself.
Do I have to appear in court?
Yes. You must attend a meeting with the trustee appointed by the court to administer your case. The trustee will ask you questions about your assets, debts and income. Creditors are allowed to appear at these hearings and ask questions as well. The hearing is required in both Chapter 7 and Chapter 13 cases.
Will I lose my home and other property?
If you file for bankruptcy, the law gives you various ways to protect your property. If you are having trouble paying your bills, you should talk to a bankruptcy law firm in Memphis, TN as soon as possible to find out how federal bankruptcy laws may apply to your situation.
What’s the difference between Chapter 7 and Chapter 13?
Chapter 7 cases involve liquidation, so a debtor’s nonexempt assets are sold by a court-appointed trustee, and the proceeds are distributed on a pro-rata basis among all unsecured creditors. After completion, the debtor receives a discharge, which forever relieves him or her from having to repay certain types of debt.
Chapter 13 cases involve reorganization. Debtors propose a plan that pays some or all debts over an extended period of time using future income. Like Chapter 7 cases, after completion, the debtor receives a discharge.
Why do I need a lawyer when I can file for bankruptcy myself?
Bankruptcy laws are very complicated and difficult to navigate through by yourself. A qualified bankruptcy law firm in Memphis, TN like Darrell Castle & Associates can advise you on whether filing for bankruptcy is right for you, help protect your assets, and ensure that all paperwork is filed properly so there are no problems with your case down the road.