Bankruptcy Lawyer in Memphis Tennessee

There are certain legal processes that a Bankruptcy Lawyer in Memphis TN may have to go through when a debtor files for bankruptcy. Bankruptcy Lawyer Memphis TN can help you with these. When a debtor files for bankruptcy protection, he or she has to stop making payments to creditors. This is an important requirement of Bankruptcy Law.

A bankruptcy is a legal proceeding in which the court declares that the debtor is unable to pay all or part of his/her debts. If the debtor fails to pay, the court then has the power to either grant the debtor relief from creditors or take the debtor's property to satisfy the debts. In Chapter 7, Bankruptcy Law, a creditor may ask a judge to order payments to be made directly or via interest garnishment. A debtor's personal property such as a car, house, land, business or real estate can be seized and sold to satisfy debts. The proceeds of the sale are exempt from federal and state taxes. The creditor can petition for the debtor to be declared a bankrupt.

Bankruptcy Law was designed to help maintain a level of economic freedom and to aid people who are economically helpless. Bankruptcy Lawyer in Memphis TN can advise a debtor on his or her rights and options under Bankruptcy Law. Bankruptcy Law was devised to provide the debtor with advice and direction while waiting for the court proceedings to conclude. During this time, the debtor can obtain professional and expert advice from a Bankruptcy Lawyer.

In Chapter 7, Bankruptcy Law provides for a summary of the debtor's assets and liabilities and a statement of its income and expenses. The creditor and debtor will submit certified copies of their income statements and pay stubs, respectively. A detailed statement of all debts and assets will then be provided to the court. This may include bank accounts, stock certificates, vehicle titles, CD's, jewelry, furniture, home-equity lines of credit, leases on real estate and unpaid wages and salaries. If the court is not satisfied with the debtor's submitted documents, they may order a second appraisal of the property, which may result in additional liens or judgments against the debtor.

Bankruptcy Law can be quite complicated. A Bankruptcy Lawyer in Memphis TN can often assist the debtor with their legal filings and with the drafting of a financial statement. Bankruptcy Law can also provide information and advice on appealing a court's initial decision to grant a debtor a bankruptcy discharge. There are many helpful guides and books available at most public libraries on the subject of bankruptcy. Bankruptcy Lawyer in Memphis TN can even help formulate a financial plan for the debtor after a bankruptcy has been filed.

Bankruptcy Law is very complex and there is specialized Bankruptcy Law Firms that represent only a small percentage of bankruptcy cases. Because of the complexity of bankruptcy proceedings, Bankruptcy Lawyer in Memphis TN tends to have more experience working with creditors than other Bankruptcy Law Firms. Most bankruptcy lawyers in the city of Memphis to work exclusively with a few large Law Firms that tend to dominate the bankruptcy industry. Bankruptcy Lawyer in Memphis TN tends to focus on a few types of bankruptcy such as liquidation, reorganization, debt settlement and abuse of process serving. The Bankruptcy Lawyer in Memphis usually deals with businesses and individuals filing for bankruptcy, with the goal being to help them reorganize their businesses to avoid bankruptcy

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