Basic Bankruptcy Information

Memphis Bankruptcy Attorneys

Basic Information for Filing Bankruptcy Memphis, TN:

Article I, Section 8, of the Constitution authorizes Congress to enact “Uniform Laws on the subject of Bankruptcies.” The concept of bankruptcy goes as far back as biblical days. In the Old Testament, it was mandated by Mosaic Law that every seventh year would be known as a Sabbatical year which entailed the release of all debts that were owed by members of the community.

Obviously, filing Bankruptcy in Memphis, TN and bankruptcy laws have progressed and changed throughout the years. The latest major change to the Bankruptcy Code was in 2005 when Congress passed The Bankruptcy Abuse and Consumer Act.

The concept of Means testing was one of the most significant changes in filing bankruptcy. Means testing prevents some debtors with significantly high income from filing a Chapter 7 bankruptcy. Another change instituted at this time was to require the debtor to take a pre-filing credit counseling course from an impartial third party before filing his or her case, as well as a second final debtor education course before his or her debts are discharged.

Memphis Bankruptcy Court

Filing Bankruptcy Memphis, TN will be done through the Bankruptcy Court for the Western Division of Tennessee, if you have lived in Memphis, Shelby, Lauderdale, Tipton or Fayette Counties for the greater part of the 180 days prior to filing your bankruptcy.

The Court official with decision making power over federal bankruptcy cases is the United States Bankruptcy Judge. Memphis has four judges: Judge Jennie Latta, Judge George Emerson, Judge Paulette Delk, and Chief Judge David Kennedy. The Clerk of the Court in this district is Jed Weintraub. (for more information go to www.tnwb.uscourts.gov)

Eligibility requirements to file a Chapter 7 bankruptcy and receive a discharge:

  1. The debtor is an individual (i.e., a natural person and not a corporation, partnership or limited liability corporation) or an individual and his or her spouse.
  2. The debtor has not been granted a discharge in a Chapter 7 or Chapter 11 case that was commenced within 8 years before the date of filing the present case.
  3. The debtor has not been granted a discharge in a Chapter 12 or Chapter 13 case that was commenced within six years before the date of filing the present case, unless payments under the plan totaled at least – (a) 100% of the allowed unsecured claims in such case, or (b) 70 percent of such claims and the plan was proposed by the debtor in good faith and was the debtor’s best effort.

Eligibility requirements to file a Chapter 13 bankruptcy:

  1. The debtor is an individual (i.e., a natural person and not a corporation, partnership or limited liability corporation) or an individual and his or her spouse.
  2. The debtor must have regular income.
  3. The debtor must have, on date of filing, non-contingent, liquidated, unsecured debts of less than $360,475;
  4. The debtor must have on date of filing, non-contingent, liquidated, secured debts of less than $1,081,400;
  5. The debtor must not be a stockbroker or commodity broker;
  6. The debtor must reside in the US, or have a domicile, page of business or property in the US.
  7. The debtor must not have been in a prior bankruptcy case that was dismissed by or on account of the debtor within the proceeding 180 days.
  8. The debtor must have received an individual or group briefing from an approved nonprofit credit counseling agency with 180 days prior to filing the present case (unless the requirement is not applicable in the local district).

Do not act on anything you read on this site without hiring an attorney. This is why we offer, for free, to prepare a bankruptcy petition for you to see what works best in your personal financial situation. We provide representation for individuals who live in Lauderdale, Tipton, Fayette and Shelby County, Tennessee, who qualify to file bankruptcy in the Bankruptcy Court for the Western District of Tennessee located in Memphis, Tennessee.

For more information about a bankruptcy in Memphis, TN call lawyer Arthur Ray (901) 475-8200

Sincerely yours,

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Aurther Ray Rounded

Arthur Ray

Arthur Ray Law Offices

We are a debt relief agency. Our Bankruptcy Lawyers in Memphis, TN help people file for bankruptcy under the bankruptcy code.

*For those who qualify under federal law.