Bankruptcy Attorney Collierville, TN   Bankruptcy Attorney Collierville, TN

You don’t have to know which kind of bankruptcy you want to file for to begin working with a bankruptcy attorney Collierville, TN residents trust. In fact, most of the time, individuals struggling to pay their debts on time aren’t sure of what their options are or what the bankruptcy process entails when they approach the experienced Tennessee legal team at Darrell Castle & Associates, PLLC. That’s more than okay. It’s our job to understand bankruptcy law inside and out so that you don’t have to. Once you schedule a free case evaluation with our firm, we’ll take time to learn enough about your financial situation that we’ll be able to give you knowledgeable advice about your options. At that point, you’ll be empowered to make an informed decision about your financial situation moving forward.

Should I File for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?

If you don’t own a small business and you want to file for bankruptcy, you’ll likely either file for Chapter 7 or Chapter 13 bankruptcy. There are some specialty forms of bankruptcy beyond these, but these are the forms of consumer bankruptcy that are most common. Every year, hundreds of thousands of Americans file for protection and debt relief under these chapters of the Bankruptcy Code. Which option you’ll pursue will be determined by a few factors.

First, it’s important to understand that only select filers are permitted to file for Chapter 7 bankruptcy relief. There are income limits – outlined in something called the Chapter 7 Means Test – that determine whether a household of a specific size and income level is or is not permitted to file for Chapter 7 bankruptcy relief. If you are eligible for Chapter 7 bankruptcy relief, this is likely your best option, as this form of bankruptcy doesn’t require to pay your creditors back before you can benefit from a discharge order. However, there are limited circumstances under which eligible filers for Chapter 7 relief should choose Chapter 13 bankruptcy instead. Namely, if you own a lot of expensive property other than your house, our Collierville, TN bankruptcy attorney team will work with you to determine whether Chapter 13 bankruptcy would be preferable. Why? The trustee assigned to a Chapter 7 bankruptcy case is empowered to sell valuable property (and to pass the profits of the sale to a filer’s creditors) if that property is “non-exempt.” We can help you decide which option is best, given what you owe and what you own.

If you’re ineligible to file for Chapter 7 bankruptcy relief, filing for Chapter 13 bankruptcy relief may be a great option for you. We can help you create a 3-5 year repayment plan that is truly manageable and will set you up to achieve a financial fresh start once your bankruptcy process is complete.

Legal Assistance Is Available

If you haven’t yet scheduled a free case evaluation with our firm, please do so today. This is a no-risk, no-obligation process. It will simply allow you to ask questions of an experienced Collierville, TN bankruptcy attorney so that you can make the best possible decision for you and your family.