CHAPTER 7 STRAIGHT (LIQUIDATION) BANKRUPTCY

Getting People Out of Debt by Filing Bankruptcy

Are you unable to keep up with your credit card payments, medical bills or other debts and wondering how much longer you can avoid serious consequences like wage garnishment and frozen bank accounts? If so, filing for Chapter 7 bankruptcy — also known as straight bankruptcy — may be the way to clean your financial slate.

At the Reno Law Firm, based in Memphis, we help consumers in Shelby County and throughout the region decide whether Chapter 7 bankruptcy is right for them, and if they decide to file, we guide them through the process. Contact us to schedule a free consultation with an experienced bankruptcy lawyer.

Helping Client Eliminate Debts They Cannot Afford

Chapter 7 bankruptcy allows eligible people to discharge (completely eliminate) certain types of debt, such as credit card debt and medical debt. It also provides people with general protection against all creditors during the bankruptcy process.

There are many types of property that are exempt from liquidation in Chapter 7. Which exemptions apply to you depends on your personal circumstances, including your age, whether you are married and whether you have children. One type of asset that is almost always exempt is retirement savings.

There are many types of property that are exempt from liquidation in Chapter 7. Which exemptions apply to you depends on your personal circumstances, including your age, whether you are married and whether you have children. One type of asset that is almost always exempt is retirement savings.

By taking a look at your financial information, we can determine what you can expect and whether you would be required to give anything up in Chapter 7. If so, Chapter 13 bankruptcy may be another option to consider.

Examining What to Do With Upside-Down Assets

Due to the recent economic downturn, many people are "upside-down" on their assets — including primary residences, vacation homes and cars — meaning that they owe more on those assets than their current market value. This can create unique problems for people who are having trouble making their payments.

In some cases, a Chapter 7 bankruptcy judge has the ability to redeem secured debt based on the current value of the asset. In other cases, this it may be possible to negotiate a voluntary loan modification. Attorney Claire Reno can examine the details of your case and explain your options. Contact us to learn more.

We are a debt relief agency. We help people file for bankruptcy under the Bankruptcy Code.

At the Reno Law Firm, based in Memphis, Tennessee, we represent clients throughout West Tennessee, including the communities of Brownsville, Germantown, Collierville, Bartlett, Arlington, Millington, Cordova, Covington, Jackson, Munford, Atoka, Brighton and Bolivar; and other locations in Shelby County, Tipton County, Fayette County, Haywood County, and Madison County

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