Memphis, Tennessee, Attorney for Chapter 7 Bankruptcy
If your situation indicates filing bankruptcy may be necessary for you, we will evaluate whether you qualify to file Chapter 7 bankruptcy. A means test for Chapter 7 filers was implemented with the revised bankruptcy laws in 2005, and we can help you complete this test in a free bankruptcy consultation. Factors in the means test include:
- Is your current monthly income (on average for the six months before filing) below the median for households like yours in your state? If it is, you are eligible.
- Is your income greater than this median figure? If it is, calculations are more complex, as we must examine allowed expenses and apply a formula to determine if you have the means to pay off some unsecured debts.
Relief From Credit Card Debt and Creditor Harassment
If you qualify, Chapter 7 bankruptcy — sometimes called debt liquidation — is usually preferred over Chapter 13 because it is a more straightforward process and does not require a repayment plan.
For additional information on Chapter 7 bankruptcy, visit our helpful Information Center and FAQ page.
In evaluating your legal options, lawyer Jonathan Garrett will raise the points and questions you need to consider. We believe a successful Chapter 7 bankruptcy is more than one that makes it through court. It must give you the opportunity to recover financially and rebuild credit over time, while maintaining assets such as:
- Equity in your home
- Any retirement accounts, in full
- An automobile and other assets you need to maintain employment
Life After Bankruptcy Requires Financial Discipline
Chapter 7 bankruptcy can provide a fast, efficient discharge of many debts and stop creditor harassment. It can be truly beneficial in the long term if you are willing to liquidate luxury items you cannot afford.
We recognize that people view and define "luxury" items in many different ways. However, you cannot expect to qualify and file for Chapter 7, yet keep a late-model luxury SUV, a recreational boat or your credit cards, for example.
If you are seriously considering filing bankruptcy — whether or not you believe you will qualify for Chapter 7 — please fill out our simple e-mail form and we will promptly get in touch with you. We offer a free initial consultation and flexible, affordable fees to people throughout western Tennessee.
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
