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Can you discharge tax debt through Chapter 7?

Tax debts can sideline anyone, even those who take great care with their finances. Not only does a significant tax debt pose serious threats to a person's financial world, the government is a formidable force with significant power and reach to recover what the debtor owes. If not handled properly, a person may find that he or she has a very serious financial problem without many clear paths out of hardship.

3 benefits of Chapter 13 bankruptcy

You might think that the decision to choose Chapter 7 bankruptcy over Chapter 13 is obvious. After all, wouldn't it be better to resolve all of your debts quickly, simply by selling off some of your assets, as opposed to the long, drawn out debt payoff process associated with Chapter 13?

Bankruptcy could be your answer to foreclosure

If you are falling behind on your mortgage payment for your Memphis home, you are not along. Americans all across the country have found themselves in a downward spiral of debt that includes foreclosure notice. While some lenders will make an effort to work with you to get back on track with your payments, many others will not. Instead, the lender will foreclose on the house and sell it at auction in an attempt to cover the original loan and any other costs associated with the home.

What can you do if creditors won't stop calling your work?

It doesn't take long for a middle-class working adult to end up in financial trouble. An illness that had you miss a week of work, for example, or a car accident could be all it takes to leave you playing catch-up with everything. When you're barely making the minimum monthly payment on your credit cards, you can end up way over your head in no time.

What property can I keep in a Chapter 7 bankruptcy?

Unbearable debt is becoming a more and more common problem throughout the country, for people in every walk of life. The good news for those drowning in debt is that the law offers legal ways to discharge debt through bankruptcy, but the process is still unclear to many people.

Are you being harassed by creditors? Bankruptcy can help.

It probably started small, with student loans and a low balance credit card. You finished school with substantial student loan debt and found yourself needing credit cards to pay your monthly expenses while looking for a job. Now, although you have a job, you are only making your minimum monthly payments and the balance keeps climbing. A large amount of your income is going straight to your debt, and you can't keep up with it. In this kind of situation, one accident or sudden illness could be enough to completely destroy your financial security and independence.

Start By Getting Your Questions Answered

Contact us now to learn about what options are available to you in your particular financial situation. Call our law firm today at (901) 201-6012 or fill out the form to schedule a FREE CONFIDENTIAL CONSULTATION.

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The Law Offices of Philip F. Counce

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Memphis, TN 38111

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