Bankruptcy in Memphis — A Legal Overview
Financial troubles should not be ignored. Especially if you owe repayment to creditors, your situation needs immediate legal attention. If you live in the Memphis area, and your debts are genuinely beyond your control, contact an expert bankruptcy attorney in Memphis immediately. He or she can assess the situation and advise you if bankruptcy is a choice that might work for you.
For example, filing Chapter 7 bankruptcy is a good option for those who have insurmountable debts but do not have sufficient assets. This option can be utilized to eliminate debts due to credit card, medical bills, etc. Successfully filing for Chapter 7 bankruptcy gives you the opportunity to get a fresh start without the burden of earlier debts.
If you have a regular income, you can opt for Chapter 13 bankruptcy when your debts have reached an unmanageable level. Chapter 13 allows you to keep your home or business and gives you the time to pay your debts in a fair planned manner.
Following are important benefits on filing for bankruptcy:
- Stops foreclosure
- Prevents repossession
- Protects assets through exemption laws
An experienced Memphis bankruptcy attorney will be able to help you through the bankruptcy process. As per law, even if you have been through bankruptcy proceedings before, you can still choose to file for bankruptcy again for a different case scenario.
Bankruptcy Laws in Arizona
Are you overwhelmed with debts? Are you afraid your finances may be irreparably damaged?
In cases like these, it's important to understand bankruptcy and what each chapter type means. Even more importantly, get the advice of a knowledgeable and experienced Arizona bankruptcy attorney who can help walk you through the different types of bankruptcy and what may or may not work for you.
- Chapter 7, the liquidation chapter, is used by individuals, partnerships, or corporations who are unable to resolve a serious financial situation. The debtor's assets are liquidated. The debtor's non-exempt property is sold by a trustee, and the cash obtained and distributed to creditors as per liquidation process.
- Chapter 9 is a form of reorganization, and not liquidation. This chapter of bankruptcy law is available only to municipalities and not individuals or organizations.
- Chapter 11 is referred to as the reorganization chapter. This form of bankruptcy allows firms, partnerships, and individuals to reorganize their financial conditions—without liquidating their assets. When filing for Chapter 11 bankruptcy, a plan is presented by the debtors to creditors which, on acceptance by the creditors and Court, will permit the debtors to reorganize their financial structure and become monetarily productive once again.
- Chapter 12 is a reorganization type of bankruptcy reserved exclusively for "Family Farmers" and "Family Fishermen." It is similar to Chapter 13.
- Chapter 13 bankruptcy is filed by an individual with a regular monthly income. Debts may be out of reasonalbe control, but there is a belief that they can be repaid within a realistic time span. Under Chapter 13, the debtor may file a plan in which he/she agrees to pay a percentage of future income to the Bankruptcy Court as payment to creditors. On approval of the plan by the Court, the debtor will be given the Court's protection during the repayment term.
- Chapter 15 of bankruptcy code allows reorganization specific to cross-border insolvency—foreign organizations with debts in the United States.
Military Home Foreclosure Lawsuit Settlement Reached With JPMorgan-Chase
A military home foreclosure class-action lawsuit, filed by a Marine Corps captain, has been settled by JPMorgan Chase & Co. after the company admitted to violating the Servicemembers Civil Relief Act (SCRA).
The SCRA sets mortgage interest rates at 6 percent while service members are on active duty and bans any foreclosure proceedings for nine months after the service member returns from active duty. The Marine Corps captain alleged that the giant mortgage bank had failed to reduce the interest rates on his home while he served.
An investigation, reported by Simon Zhen of MyBankTracker in JPMorgan Chase Military Mortgage Lawsuit Reaches Settlement,’’ found that about 6,000 active military homeowners were adversely affected by the lender’s practices, with 18 homes foreclosed upon in violation of federal law.
Information in this post gathered in association with a Clarksville military divorce attorney
If approved, JPMorgan Chase will pay $12 million to the 6,000 service members with an additional $15 million to be distributed for individual damages. The company had already paid out $6 million to military personnel. The additional $6.4 million will be set aside for victims of wrongful foreclosures. About $8 million will be paid in attorney’s fees.
Following its public apology in February, JPMorgan Chase announced a number of goodwill programs designed for military homeowners, service members and veterans. The program includes:
- Home ownership assistance.
- Changing the SCRA pricing to reduce mortgage interest rate.
- An enhanced mortgage modification program.
- An alliance with corporations to offer training, education and jobs to military members and veterans.
Arizona Chapter 13 Bankruptcy Attorney Helps You Repay Debts
The situation
You are living in Arizona, agree that you have debts to be repaid, and you definitely do not have any intention of cheating your creditors. But your debt is too great to be paid back in a normal timeframe given your income, so you have gotten behind in your payments. In this situation, Chapter 13 may be your best option.
The Law
Chapter 13 of the U.S. Bankruptcy Code for the State of Arizona states the following:
If you are an individual with income and overcome by debt, Chapter 13 is a way to bargain with your creditors so that your entire debt can be repaid within three to five years. During this period of repayment, you are also given the protection by the court itself.
The whole process is best handled with the help of an Arizona bankruptcy attorney who will make your debt repayment experience a smooth one.
The middle ground
Opting for Chapter 13 helps you retain your assets unlike in Chapter 7 where you opt for a complete bankruptcy as a result of which you may have to start afresh. Also this will be a win-win situation for you as well as your creditor.
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