Chapter 7 Bankruptcy Lawyer Memphis, TN
Those who desire to eradicate their debts and start new may need help from a Chapter 7 bankruptcy lawyer Memphis, TN residents can trust, such as the professionals at Darrell Castle and Associates, PLLC. It is important that our clients understand both the pros and cons of filing for bankruptcy. For some, this may mean that not all of your debts are actually completely erased. And while this resource can assist in getting you back to financial stability, it can have lasting repercussions. At our law firm, we take the time to get to know each client and his or her financial situation, before offering advice on what to do next.
As you read on in the article here, you will find out more information about what it truly means to file for a Chapter 7 bankruptcy lawyer in Memphis, TN can help you make the best decision.
Who is Eligible to File for Bankruptcy
Those who submit paperwork for bankruptcy, must have one of these three things: 1) a permanent residence, 2) own some type of property or 3) have created a business that operates within the United States. Meeting with a Memphis, TN Chapter 7 bankruptcy lawyer will help you determine your eligibility. Not every person who applies for bankruptcy gets approved. And, those who do get approved may have to complete additional tasks such as taking an adult financial education course.
Chapter 7 Bankruptcy
People who have a large amount of accrued credit card bills, debts for medical care treatments or other personal loans may be able to have these unpaid expenses erased after filing for Chapter 7 bankruptcy. Under this type of bankruptcy, a person may not have to pay back any outstanding debts through a repayment plan. However, if they do not consult a Chapter 7 bankruptcy lawyer in Memphis, TN, the person may be risking giving up property or having belongings relinquished. An attorney at Darrell Castle and Associates, PLLC can help you decide whether this chapter of bankruptcy could benefit you, depending on your individual circumstances.
Chapter 13 Bankruptcy
If your property, including homes, vehicles and other items are particularly important to you, then it may be in your best interest to apply for Chapter 13 bankruptcy. While a person won’t have his or her belongings taken away, they must make regular payments into debts over the course of a 3-5 year span. It is important to know that when it comes to Chapter 13, a person’s total amount owed cannot exceed maximum unsecured and secured debts. Belongings that are considered secured debts can include your real estate and car loans, while unsecured debts could be things such as credit card and utility bills.
An attorney at Darrell Castle and Associates, PLLC can meet with you to go over the difference between these two types of bankruptcy chapters in further detail. It is possible that there is another option out there for you besides filing for bankruptcy. It is our job as attorneys to see that our clients make a choice that could benefit them the most. Please call us right away, so you can stop drowning in unpaid debts and start working towards a more solid financial future. A friendly representative is waiting to take your call, to book your first free consultation with a Chapter 7 bankruptcy lawyer Memphis, TN residents can count on.