Bankruptcy

Seasoned Memphis-area Bankruptcy Attorneys

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Bankruptcy

When an individual or business is unable to repay its debts and obligations, that person or business may seek the protection of the bankruptcy courts. Bankruptcy is a process whereby the person or business is either relieved of its obligation to repay certain debts or is able to restructure its finances and obligations. This can help the person or business timely pay its obligations going forward. Although bankruptcy is meant to assist the debtor obtain relief from its creditors, the actual process of petitioning for bankruptcy is certainly not debtor-friendly. If a petition is not completed correctly, bankruptcy will afford the debtor with little or no legal protections.

The legal counsel and assistance provided by an experienced Tennessee bankruptcy attorney is the best way to ensure your bankruptcy petition is approved and you receive the maximum benefit from filing for bankruptcy protection. The seasoned Memphis-area bankruptcy attorneys at Douglass & Runger, Attorneys at Law, are available to assist you or your business in obtaining debt relief through the bankruptcy process.

Different Types of Bankruptcy are Available

There are various types of bankruptcy available. Each type of bankruptcy is named after the chapter of the federal bankruptcy code in which that particular type of bankruptcy is described. The most common type of bankruptcy is the “Chapter 7” bankruptcy; however, it may not be ideal for every debtor. Your bankruptcy attorney will discuss with you your assets, liabilities, and overall financial goals in order to determine the best bankruptcy chapter under which to file your petition. Some of the more common types of bankruptcy include:

Chapter 7

A debtor who is unable to pay the debts he or she owes can seek a discharge of these debts
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Chapter 13

An individual debtor may need bankruptcy protection even if the debtor has a steady income and significant assets. Perhaps the
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Chapter 11

As the events in 2008 and 2009 clearly demonstrated, it is not just individuals who can fall upon hard times.
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