Chapter 7 & 13 Bankruptcy
Compassionate Lawyer Can Help You File Chapter 13 Bankruptcy in Memphis
Consumer debt is steadily rising. If you are struggling to pay back your own debts, you are not alone. Unfortunately, whether you accrued debt because of medical emergencies, unexpected job loss or simply overspending, the end result of not repaying debt is having credit cards go into default or even losing your car or home. Don’t let yourself live in fear of the next phone call or knock on the door. Wages & Benham Law Office, a Chapter 13 bankruptcy attorney in Memphis, can help you get back on your feet by filing for bankruptcy. Our experienced attorneys understand that debt is a sensitive subject and always act with kindness and compassion while working with you.
How to Qualify
Filing Chapter 13 is appropriate for people who are behind on their mortgages and car payments and who also have unsecured debt such as credit cards. While you will still need to pay on mortgages, cars and on government-related debt such as back alimony or child support, you only have to pay a percentage of your credit card debt. Chapter 13 judgments can stop creditors from putting liens on your home or car as well as stop foreclosure and wage garnishment.
You Could Stop Foreclosure, Wage Garnishment & Liens
When you come to our firm and talk to a lawyer about filing Chapter 13 bankruptcy, we will walk you through the entire process. Very basically, it involves creating a plan in which you will repay your debt. These repayment plans typically last three to five years, during which you will pay a specific amount on secured debt such as your home. If any money is left over, it is divided between unsecure debts such as credit cards. Your monthly payment will go to a trustee who then pays creditors on your behalf.
Memphis Chapter 7 Attorneys
Unforeseen events can send even the most financially stable people tail spinning into a spiral of uncontrollable debt. Unemployment or a sudden illness can make it impossible to meet your financial obligations. When it seems like there is no way out, Wages & Benham is here to help.
For more than 60 years, our firm has helped countless people in Memphis and throughout west Tennessee stop the debt spiral with bankruptcy. Our caring and compassionate attorneys will evaluate your financial situation and help you decide if Chapter 7 bankruptcy is right for you.
To schedule a free consultation with one of our Memphis Chapter 7 lawyers, contact us online or call 901-323-3902.
We Will Help You Get a Fresh Start With Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a great option for people who have large amounts of unsecured debt such as credit card bills and medical bills and few valuable assets. Eligibility is determined using the means test, which takes into account your income, family size and disposable income. We will help you complete this complex formula and determine whether you are eligible for Chapter 7. If you do not pass the test, we can help you file for Chapter 13 bankruptcy.
In a Chapter 7 bankruptcy, all of your debts will be discharged and the bankruptcy trustee will sell your non-exempt assets. We will help you determine which of your assets you can expect to keep and which may be liquidated. Most people filing for Chapter 7 find that they are able to keep the majority of their possessions, including their home and cars. If your goal is to catch up on past-due mortgage payments so you can keep your home, Chapter 13 may be a better option for you.