Chapter 7 Bankruptcy only makes up about a third of all of Memphis bankruptcy filings, but it offers the best chance for a true fresh start. For most people, Chapter 7 bankruptcy frees them of all of their unsecured debts while allowing them to keep any property whose payments are current (like houses and cars). Every bankruptcy is different so get started with a free evaluation in the form below or give my office a call. I’ll get back to you promptly. Feel free to persue my site for more information, but no website can match individualized personal advice.
Unfortunately, Congress has been limited Chapter 7 bankruptcy to individuals and couples who pass the “means test.” The “means test” compares your income and available resources(e.g. a spouse’s income) to the state median income for your family size. If your income and resources amount to less than the state median income, you are eligible for Chapter 7 bankruptcy.
If your income is level with or above the state median income, you will need to document your expenses. If, after tabulating your adjusted gross income (per IRS standards) you still have a certain amount of “spare” income, you will not be allowed to file for Memphis Chapter 7 bankruptcy, though you may still be eligible for Chapter 13 bankruptcy.
The granting of Chapter 7 bankruptcy happens fairly quickly. You will receive a notice of discharge of your debts and will be able to sanction (in perpetuity) any creditors that violate the ruling. After you get your discharge, you need to begin rebuilding your credit.
What Kinds of Debts Aren't Dischargeable in a Chapter 7
Order of Procedure
Chapter 7 Bankruptcy is truly the best option that is potentially available to you. As long as your property payments are current, you won’t have to worry about losing your home or your transportation and you’ll be granted freedom from all of that debt that has been weighing you down. Trying to do the math to figure out whether you are eligible, however, can be a nightmare. That’s where I come in. I will go over your finances with you and help you figure out if you pass the means test and then, together, we will figure out where to go from there.
I offer all of my clients an initial consultation that is 100% FREE. This means that sitting down with me to figure out your options won’t cost you a single cent. You only pay if you decide to go forward.
Contact me today for your free consultation!