Memphis consumers who become overwhelmed by debt often wait a long time to file for bankruptcy. It’s common for people to take on more debt to repay existing obligations and even let some of their accounts go into collections before they seek help. The result of these...
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Get A Fresh Start Through Bankruptcy
Year: 2021
Common bankruptcy myths debunked
Bankruptcy in Memphis is a legal process to remove certain unsecured debts, such as credit cards and medical bills. However, it gets a bad reputation from the many myths that still exist. Myth: Consumers lose everything Many consumers file Chapter 7 bankruptcy, which...
The Chapter 7 bankruptcy means test
People in Tennessee that are having serious problems managing their debt may decide to file for personal bankruptcy. Chapter 7 bankruptcy may wipe out most of a debtor’s consumer debts so that they can get a fresh start. However, the bankruptcy court will only approve...
How to manage a repossessed car with a bankruptcy
Filing for bankruptcy in Tennessee can help you protect your assets or get back others that you've lost. If you need time to organize money to pay back your car loan, a bankruptcy might help, but it depends on the situation. Wait for terms of redemption Anytime a lien...
What can you do when you fall behind on your mortgage?
For months now, your financial issues made it hard to climb out of an ever-present quagmire. You may file for bankruptcy, but before that, you must ensure you and your family remain in your home. Bankrate offers suggestions for catching up on your home loan. Use their...
What happens to Social Security benefits in bankruptcy?
Filing for bankruptcy can be a difficult decision for many Memphis-area residents, and especially when part of the household income is Social Security benefits. There are many people in the region who are apprehensive about actually filing for protection from...
How may a Chapter 7 bankruptcy affect keeping my car?
A Chapter 7 bankruptcy may not require you to give up your vehicle, even while paying off a car loan. As noted by Experian.com, you may continue financing your vehicle if its equity does not exceed Tennessee's wildcard exemption. Tennessee generally allows Chapter 7...
When should I file bankruptcy?
Bankruptcy can be a helpful financial tool for many situations, but it is not always the answer. You should make sure that you do not file without considering your finances. Keep in mind that there are limitations on how often your can file, so you want to be sure...
Recognizing the signs of creditor harassment
If you are in debt and can no longer keep up with payments, you may be facing overwhelming stress, both financial and emotional. Unfortunately, you may also be dealing with constant creditor calls that make it difficult to focus on getting your life back on track....
When do debt collection practices become illegal?
When your debts begin to spiral out of control, you may find yourself fielding seemingly constant phone calls and communications from your creditors. Your creditors have a right to try to collect what you owe them. However, this does not give them free rein in terms...