Chapter 7 Bankruptcy Lawyer Serving Memphis, TennesseeWhat is Chapter 7 bankruptcy? Is Chapter 7 right for me?

Chapter 7 Attorney John E Dunlap serves clients in the Greater Memphis, Tennessee area to file for Chapter 7 bankruptcy and start life again debt-free. We offer a free 20 minute consultation to review your finances and help you get started with filing for bankruptcy.

If you’re looking for a local chapter 7 bankruptcy attorney who can help you navigate filing for bankruptcy, call our bankruptcy law firm today. With over 20 years of experience, we have handled hundreds of Chapter 7 bankruptcy cases to help our clients rebuild their personal finances, recover from debt, and start life fresh.

What is Chapter 7 bankruptcy?

In a Chapter 7 bankruptcy, all of your nonexempt assets are liquidated and used to pay your creditors, who will then cancel the balance of most or all of your debts. This is also referred to as a “straight” or “liquidation” bankruptcy.

In 2016, over 490,000 people filed for Chapter 7 bankruptcy, many of whom were helped by a local bankruptcy attorney. Over 62% of bankruptcies filed are Chapter 7 bankruptcies.

Chapter 7 bankruptcy lawyer John E. Dunlap helps clients file bankruptcy by:

We offer free 20 minute consultations to new clients. If you’re unsure if Chapter 7 is the right kind of bankruptcy or want to learn more about your options, call us today to schedule your appointment at no cost to you.

What is the process of filing for a Chapter 7 Bankruptcy?

There are nine basic steps when it comes to the process for filing chapter 7. An experienced bankruptcy attorney can help you through each one of these steps by providing support, legal knowledge, and act as a negotiator on your behalf with creditors.

  1. Complete Required Chapter 7 Credit Counseling
  2. Take the Chapter 7 Means Test
  3. File Chapter 7 with the Court
  4. Meet with Bankruptcy Trustee
  5. Notify Creditors of Chapter 7 Bankruptcy Case
  6. Complete 341 Hearing
  7. Chapter 7 Abuse Determination
  8. Complete a Financial Management Course
  9. Chapter 7 Debt Discharge

To learn more about the process, be sure to read through our breakdown of the Chapter 7 filing process.

Am I eligible for a Chapter 7 Bankruptcy?

Not everyone qualifies to file a Chapter 7, particularly those whose disposable income is deemed to be high enough to continue payments on a portion of their debt, as determined by the Chapter 7 Means Test. This test assesses your current monthly income and compares it to your expenses to arrive your “disposable income.”

If this income is deemed sufficient to pay back at least a portion of your debts, you may be required to file a Chapter 13 bankruptcy. But if this income is too low, or if your gross monthly income is below the Tennessee Median Income for your family size (e.g. $63,725 for a family of 4 in 2014), you may be eligible to file a Chapter 7.

How could a Chapter 7 Benefit Me?

However, eligibility does not necessarily mean that Chapter 7 is right for you. For example, if you have a co-debtor on a personal debt, bankruptcy will not wipe out his or her obligation to pay – and the creditor may go after this friend or family member. In addition, some debts, such as student loans and tax obligations, are not eligible for dismissal under Chapter 7.

Before you decide to file for bankruptcy, seeking legal counsel can help you understand the difference between the various filing methods and their ramifications on you, your family, your business, and any cosigners or guarantors for your debts. Attorney Dunlap has over 20 years experience in bankruptcy law and can explain the process in plain English, while helping you navigate through the experience from beginning to end.

How long does a Chapter 7 Bankruptcy take?

Most bankruptcy cases take less than 100 days to close after filing with the courts. This means that most people who file Chapter 7 are debt free in as little as 100 days, ready to start their lives over. It’s one of many benefits filing for Chapter 7 can provide when you’re drowning in debt.

What documentation do I need to file chapter 7?

Working with an attorney to file your Chapter 7 bankruptcy can make it much easier to gather together the documents you need to file for bankruptcy. With up to 30 forms and documents required to file bankruptcy with the courts, it can be a difficult process to navigate on your own.

As part of working with bankruptcy attorney John E. Dunlap, we’ll ask for a number of documents and some paperwork that helps us prepare our clients’ Chapter 7 filing paperwork. To learn more about what documents you may need to provide, check out our list of what we typically need to help our clients file Chapter 7 bankruptcy.

We offer free 20 minute consultations to new clients. If you’re unsure if Chapter 7 is the right kind of bankruptcy or want to learn more about your options, call us today to schedule your appointment at no cost to you.