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Frequently Asked Bankruptcy Questions

Should I file chapter 7 or chapter 13 bankruptcy?

It depends on your financial problem and monthly income & expenses. Filing bankruptcy could help you prevent harassment and resolve the issue in a legal manner. We can discuss the process thoroughly if you contact us.

Can I lose my property?

Although every case is different, people usually do not lose anything if they file bankruptcy. Thus, if you are thinking of filing a bankruptcy petition regarding your financial issue, you are good to go.

Who notifies the creditors and bill collectors?

Usually, the court mails the notice to all the creditors you’ve mentioned in the petition.

Can the bankruptcy petition stop bill collectors from calling?

Yes! The bankruptcy temporarily can stop creditors from calling and harassing you. Once the petition is filed, your creditors will have to work through the bankruptcy court process.

Can all debts be eliminated?

Well, it depends on the types of debts you have. Some debts can be discharged legally and some debts are not eligible for elimination. To learn what debts can be discharged, feel free to talk to our team.

Can I file bankruptcy for my debts, but not include my assets?

No, the law doesn’t allow you to do that. If you hide an asset from the court, legal action will be taken against you. In fact, the court can dismiss your case.

When I can expect to see the result of a bankruptcy petition?

The timeline for a bankruptcy petition can vary on the types of cases. Usually, bankruptcy cases are completed between 3 to 6 months, depending on the type of debt and a variety of factors.

Bankruptcy Basics

A detailed break down of how bankruptcy works.

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Experienced Bankruptcy Attorneys

Jerome C. Payne is founding partner of the Payne Law Firm. He attended the University of Memphis, graduating with a Bachelor of Science in 1984. He obtained his Juris Doctorate degree in 1993 and was admitted to practice law the same year.



The most expanse type of relief. Also known as a "straight bankruptcy" or liquidation.
A Chapter 7 can wipe away your debt completely, but you may have to give back property that you are financing.


Also known as a "wage earner" a Chapter 13 bankruptcy allows you to repay your debt at a lower amount. This allows you to keep property that you would have to give up if you filed a Chapter 7 bankruptcy.


Chapter 11 Bankruptcy is a debt relief strategy for businesses that allows them to reorganize their debt without going out of business.
Supchapter V: Chapter 11 Bankruptcy is a new type of relief designed to help small businesses.


We at the Payne Law Firm will never recommend bankruptcy unless we believe it will benefit you and relieve you of the burdens of debt. We will assess your situation as a whole and advise you on the best course of action.



Bankruptcy may help stop your paycheck being garnished as well as your bank account from being levied (seized) after receiving a judgment. Another option available depending on your unique financial situation may be to file a Motion to Set Payments to stop a Garnishment or Levy as an alternative to Bankruptcy.


A Chapter 13 Bankruptcy can halt an eviction immediately. Furthermore, in most cases, an agreement with your landlord can be reached to pay your past-due rent over time as long as you continue to pay your regular rent to keep you in your home.


Filing for both Chapter 7 Bankruptcy or Chapter 13 Bankruptcy can bring temporary relief from foreclosure. A variety of factors will determine whether or not you will be able to keep your home. In many cases a Chapter 13 Bankruptcy will keep you in your home as you can include the late payments in your repayment plan.


A Chapter 13 Bankruptcy can stop repo or help get your car back if it has already been repossessed. However there is a time limit on how long you are able get a vehicle back after a repo. It is typically better to file a bankruptcy before a repossession occurs.

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