en Bankruptcy Strikes, You Need a Fierce Legal Ally in Memphis
CONGRATULATIONS! You’ve taken the first step by searching for help with your overwhelming debt. We know how stressful and scary facing a mountain of bills can be. But don’t despair – you’re not alone, and there IS hope on the horizon with the right Memphis bankruptcy lawyer in your corner.At DelanceyStreet.com, we’ve helped THOUSANDS of good folks in Memphis and throughout Tennessee get the financial fresh start they desperately need and deserve. Bankruptcy can be a powerful tool to eliminate debt, stop creditor harassment, and give you a clean slate. But the process is complex, and one misstep could sink your case.That’s where our experienced team of Memphis bankruptcy attorneys comes in. We know the ins-and-outs of Tennessee bankruptcy laws. We’ve filed countless successful Chapter 7 and Chapter 13 cases. And we treat every client with the compassion, respect and tenacity they deserve during this difficult time.
The Bankruptcy Basics You Need to Know
Before we dive into how our firm can help, let’s cover some bankruptcy fundamentals. In simple terms, bankruptcy is a legal process that allows individuals or businesses to either eliminate or repay some or all of their debts under the protection of the federal bankruptcy court.The two most common types of consumer bankruptcy are:
- Chapter 7 Bankruptcy – Often called “liquidation” bankruptcy, Chapter 7 allows you to discharge (eliminate) most unsecured debts like credit cards and medical bills. You may have to give up some property, but most filers keep their essential belongings through exemptions.
- Chapter 13 Bankruptcy – Known as “reorganization” bankruptcy, Chapter 13 lets you keep your property and repay some or all of your debts over 3-5 years. It’s a good option if you’re behind on your mortgage or car loan and want to catch up over time.
The type of bankruptcy that‘s right for you depends on your unique financial situation, goals, and eligibility. An experienced Memphis bankruptcy lawyer can assess your case and recommend the best path forward.
Don’t Go It Alone – You Need a Qualified Memphis Bankruptcy Attorney
Look, the hard truth is that bankruptcy is not a DIY project. The process is riddled with complicated paperwork, strict deadlines, and appearances in federal court. Even a small mistake or missed deadline could get your case dismissed. Then you’re back to square one, still drowning in debt.Hiring a skilled Memphis bankruptcy lawyer is the smartest move you can make. A qualified attorney will:
- Advise you on whether Chapter 7 or Chapter 13 is right for you
- Ensure you meet all eligibility requirements
- Prepare and file all necessary paperwork with the court
- Represent you in all court hearings and creditor meetings
- Help you take full advantage of exemptions to protect your property
- Negotiate with creditors on your behalf
- Make sure you get the maximum debt relief allowed by law
Don’t risk your financial future by trying to navigate bankruptcy alone! You wouldn‘t perform surgery on yourself. So don’t attempt legal surgery without a professional.
Why Choose DelanceyStreet.com’s Memphis Bankruptcy Attorneys?
You have no shortage of options when it comes to bankruptcy lawyers in Memphis. So why trust your case to the team at DelanceyStreet.com? Here are just a few reasons our clients rave about us:
- Unmatched Experience – Our attorneys have decades of combined experience handling thousands of bankruptcy cases in Tennessee. We know the local rules, the trustees, and the judges. We’ve seen it all and we’re ready for anything.
- Compassionate & Non-Judgmental – We know that financial hardship can happen to anyone. We’re here to help, not to judge. You’ll be treated with dignity, respect and understanding at every step.
- Affordable Fees & Payment Plans – Money is tight, and bankruptcy lawyer fees might seem out of reach. But we believe everyone deserves quality legal representation. We offer competitive rates and payment plans to fit your budget.
- Accessible & Responsive – Have a question or concern? We’re here for you. Our attorneys are available 24/7 to answer your questions and keep you informed. You’ll never be left in the dark.
- Client Reviews – Don’t just take our word for it. Check out our glowing client reviews and testimonials. We let our reputation and results speak for themselves.
Still not convinced? Here’s a real client story to show you the DelanceyStreet.com difference:
I was drowning in debt and scared to answer my phone. The harassing calls from creditors were non-stop. I felt hopeless. But from the moment I met with DelanceyStreet.com, I knew I was in good hands. They listened to my story without judgment and laid out my options. They held my hand through the whole process and got me the fresh start I desperately needed. I’m debt-free and have my life back thanks to these amazing attorneys!
- Sarah M., Memphis TN
Bankruptcy Filings in the Western District of Tennessee
If you live in Memphis or the surrounding areas, your bankruptcy case will be filed in the U.S. Bankruptcy Court for the Western District of Tennessee. The Western District has two divisions:
- The Western Division, which covers Memphis and Shelby County
- The Eastern Division, which covers Jackson and the surrounding counties
According to the U.S. Courts website, in the 2022 fiscal year, there were:
- 3,245 total bankruptcy filings in the Western District of Tennessee
- 2,045 Chapter 7 filings
- 1,198 Chapter 13 filings
- 2 Chapter 11 filings
As you can see, Chapter 7 and Chapter 13 make up the vast majority of consumer bankruptcy cases in the Memphis area. And with over 3,000 total filings, that’s a lot of people who made the smart choice to get help from a bankruptcy attorney.
The Automatic Stay – Your Instant Debt Relief
One of the most powerful benefits of filing for bankruptcy is the automatic stay. The automatic stay is an injunction that goes into effect the moment your bankruptcy petition is filed with the court.Under 11 U.S.C. § 362, the automatic stay immediately stops:
- Collection actions
- Foreclosures
- Repossessions
- Wage garnishments
- Utility shut-offs
- Evictions (in some cases)
Essentially, the automatic stay forces your creditors to halt all collection efforts against you. It gives you breathing room and instant relief from the non-stop harassment.There are some limited exceptions to the automatic stay for certain types of actions, like criminal proceedings and child support. But in most cases, the automatic stay will protect you from creditors throughout your bankruptcy case.If a creditor violates the automatic stay by continuing to collect from you, they can face severe sanctions from the bankruptcy court. That‘s why it’s so important to have a skilled Memphis bankruptcy lawyer on your side. We’ll make sure your rights are protected and your creditors play by the rules.
Means Testing for Chapter 7 Bankruptcy in Tennessee
Not everyone is eligible to file for Chapter 7 bankruptcy in Tennessee. To qualify, you must pass the means test.The means test looks at your income, expenses, and household size to determine if you have enough disposable income to repay your debts. If your income is below the median income for your household size in Tennessee, you automatically pass the means test.According to the U.S. Trustee website, the current median income levels for Tennessee are:
- $50,910 for a single person
- $66,600 for a family of 2
- $72,997 for a family of 3
- $87,016 for a family of 4
If your income is above the median, you may still qualify for Chapter 7 if you pass the second part of the means test. This part deducts certain allowable expenses from your income to see if you have enough left over to repay creditors.The means test is complex and even a small miscalculation can disqualify you from Chapter 7. That’s why it’s critical to have an experienced Memphis bankruptcy attorney prepare your means test and ensure you meet all requirements.