When you schedule an appointment with a bankruptcy attorney in Memphis at Leffler Renfroe, you can expect individual attention from our team. We understand how to ensure that you have access to all the information you need to make an informed decision when it comes to all your debt relief options. We meet with you personally and stay with you every step of the way. If you have questions about Chapter 13 bankruptcy and would like legal advice from an experienced Memphis bankruptcy attorney, just call our office. We'll be happy to arrange a free consultation.
Reach out to our Memphis bankruptcy attorneys today for trusted counsel: (901) 509-9112.
Chapter 13 bankruptcy is also referred to as "reorganization bankruptcy," because it allows the debtor to rearrange his or her debts into a more manageable payment schedule-which will most likely include an extension, providing the debtor with about three to five years to pay back what is owed. In the meantime, he or she will be able to keep all assets, including his / her house and car. Chapter 13 is often used as a form of foreclosure protection.
It’s important to note, however, that not everyone is eligible for Chapter 13 bankruptcy. Only individuals and those who are filing for bankruptcy jointly with a spouse can file for Chapter 13 bankruptcy, meaning businesses, corporations, and limited liability companies must file for another type of bankruptcy. When determining on eligibility, the courts will also look at the amount of your current debt and whether or not you’ve filed for bankruptcy in the past.
Chapter 7 bankruptcy allows the filer to discharge his / her debts, but may require liquidation of assets, with certain exemptions. In addition, not everyone is able to file Chapter 7 bankruptcy due to the strict "means test" that must be passed in order to qualify. Most individuals who do not pass the means test-which would enable them to file Chapter 7-are still eligible to file for Chapter 13 bankruptcy protection.
Bankruptcy law gives people the chance to have a fresh start, and that's something our legal team is excited about. We work closely with clients to assist them in their times of need. We look forward to telling you more about your options and watching the burden of debt lifted. We are proud to stand by your side and lead you to a future that is free of the stress associated with bankruptcy.
Call Leffler Renfroe at (901) 509-9112 now for a free consultation regarding Chapter 13 bankruptcy.