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The Harrell Firm recognizes the dire economic circumstances that many people find themselves in throughout Tennessee. As a Memphis bankruptcy law attorney, lawyer Sean M. Harrell makes a special effort to serve the legal needs of his community when it comes to matters of bankruptcy, particularly when foreclosure, repossession and garnishment are involved.
Should you file for bankruptcy? Bankruptcy is the legal mechanism that allows you to press the reset button on your financial situation. Rather than leave you in a state of permanent financial distress, our lawmakers decided that it makes much more business sense to get you back into the game. To get back into the game, let The Harrell Firm serve as your personal bankruptcy attorney.
Chapter 7 Foreclosure
Perhaps you are concerned about losing your house to foreclosure. If you want to save your house, you will want to consider Chapter 13 bankruptcy. But what if you do not want to save the house? What if you realize now that the house is simply a poor investment? Then bankruptcy is your opportunity to start over. You may be able to get rid of the house and the debt that goes with it by declaring Chapter 7 bankruptcy. Attorney Sean M. Harrell and his staff have seen clients through this process, and they can explain how the bankruptcy process applies to your situation.
Chapter 7 Repossession
If your car has been repossessed and the bank is pursuing you for what you still owe on the loan, Chapter 7 bankruptcy may be your solution. Chapter 7 bankruptcy prevents your creditors from collecting against you anymore for old debts. Rather than enter into a repayment plan for a car the bank will not even let you drive anymore, talk to our law firm about whether bankruptcy makes sense.
Chapter 7 Garnishment
You may also be getting garnishment by a creditor. If you are unhappy with the terms of the garnishment, if the creditor is simply taking too much from your check, you can use Chapter 7 bankruptcy to stop the garnishment. lf a creditor has taken more than roughly $600 from you within the 90 days prior to filing bankruptcy, you may actually be able to take that money back from the creditor!
Attorney Sean M. Harrell serves as a personal bankruptcy attorney to clients throughout the Memphis, Tennessee area. He advises clients regarding their options in considering bankruptcy either through Chapter 7, Chapter 11 or Chapter 13 of the Bankruptcy Code.
Chapter 13 Foreclosure
Chapter 13 bankruptcy may allow you to keep your home. If you are behind on your mortgage payments, you may be able to catch up through a Chapter 13 "payment plan." For instance, if you are $20,000 behind on your mortgage, you may be able to pay that $20,000 back over the course of a Chapter 13 plan. Depending on your income, you may be able to finish your Chapter 13 payment plan in three years or, for higher-income clients, five years.
Chapter 13 Repossession
The same principle applies to your car. If you are behind on car payments, you can take those back payments and roll them into future installments in your Chapter 13 payment plan. Even better, if your car is now worth less than what you owe on it, you may be able to "cram down" the loan: Instead of paying the amount owed on the loan, you would instead pay into the payment plan the amount that the car is actually worth. And you would be able to make those payments over the course of the payment plan.
Chapter 13 Garnishment
If you are trying to stop a garnishment, you may want to consider Chapter 7 bankruptcy instead of Chapter 13 bankruptcy. A Chapter 7 bankruptcy will help you stop the garnishment and may even put the money taken from you back in your pocket.
If you represent a distressed business in Tennessee and want to learn whether Chapter 11 bankruptcy will meet your business goals, contact Memphis Chapter I I bankruptcy attorney Michael D. Harrell. The law firm of Harrell & Associates regularly represents corporate clients seeking to restructure themselves financially through Chapter 11, sometimes called a "business reorganization plan."
Whereas mostly people tile for bankruptcy protection from their creditors under Chapter 7 or Chapter 13 of the Bankruptcy Code, Chapter II is mostly for businesses that want to file bankruptcy. In Chapter 11, a business can decide to continue on after bankruptcy with a new financial debt structure. Upon declaration of bankruptcy, all the assets of the entity become part of what is called the "bankruptcy estate." While a trustee administers the bankruptcy estate in Chapter 7 or 13, the business in Chapter 11 administers the estate itself. The business is therefore called a "debtor-in-possession," meaning the business is a debtor that possesses and administers the assets of the bankruptcy estate.
What Chapter 11 Bankruptcy May Be Able To Do For Your Business
As the debtor-in-possession, the business is empowered by the Bankruptcy Code to prepare a plan of reorganization for itself. This plan, however, must be approved by a majority of the business' creditors and then approved by the court.
A Chapter 11 reorganization plan can allow a business to