Bankruptcy Law Firm Memphis, TN
When it comes to filing for bankruptcy you want a trusted bankruptcy law firm in Memphis, TN to help you out. You shouldn’t hesitate to find one that you trust like Darrell Castle and Associates, PLLC, because the sooner you get help the smoother the process will be. Don’t let fear or even embarrassment stop you from reaching out for legal advice, as you may find you don’t need to file after all.
With all the negative information around bankruptcy, it can be hard to sort out what is real and what isn’t.
What are Common Myths About Bankruptcy?
Most of the bankruptcy myths come from what happens to your credit score. Many people are scared to even think about it but they are important to know. Here are the top myths and the truth about bankruptcy:
Myth 1: If you have no negative information on your credit score then you will have a higher postbrarputcy credit score.
The Truth: No matter what information is on your credit history, be it positive or negative, there is little you can do to minimize the impact of bankruptcy on your credit score. The presence and length of time it is on your report is the strongest factor in determining your score’s outcome.
Myth 2: All bankruptcy information stays on your credit report for 10 years with no exception.
The Truth: The only thing that stays on the public record is Chapter 7 and it lasts for 10 years. All over bankruptcy reference remain for 7 years. Things like third-party collection debts and judgment and tax liens are discharged through bankruptcy. Once you start to clean up previous debts your credit score goes up.
Myth 3: You will have poor credit as long as the bankruptcy information is on your credit report.
The Truth: Yes, you can expect a dramatically lower credit score following the bankruptcy. What you can do though is begging to build your credit back up with smart credit management. After about four or five years you may even be able to reach the good credit score range which is 700-749 points. Following bankruptcy, you can immediately begin to build your credit back up. You can get new credit that can help offset the negative information as long as you keep up with it. There are is also the typical making on-time payments for your debt.
Myth 4: Your credit score will be ruined forever.
The Truth: Yes, there will be severe damage to your credit score in the short term. You may struggle to get credit for a few years because of it. However, bankruptcy only stays on your credit report for a maximum of 10 years. After that, you won’t have to worry. And you can make your score go up during the 10 years by practicing good management of your money.
When it comes to talking about bankruptcy you need to find a bankruptcy law firm in Memphis, TN to help you out. Don’t hesitate to contact Darrell Castle and Associates, PLLC for more information about what they can do for you.
Bankruptcy Law Firm Memphis, TN
Choosing to file for bankruptcy can be a complicated and confusing process. This is why it is crucial to have an experienced team of lawyers from a bankruptcy law firm on your side while figuring out how you are going to manage your finances. You need a bankruptcy law firm in Memphis, TN, like the experienced team at Darrell Castle and Associates, PLLC, on your side. We will take the time to explain all of your options to you as well as determine what we think would be in your best interest. We have helped so many people get financially stable and in a place where they feel more comfortable. We can help you, too, if you reach out to our law firm today.
What to Do Before Filing for Bankruptcy
It is crucial to speak with a knowledgeable bankruptcy lawyer before deciding without a doubt that you are going to file for bankruptcy. Filing for bankruptcy is not the end for you, but it is a serious decision that needs to be thought about with a critical eye. A bankruptcy law firm in Tennessee will be able to assist you throughout the entire process. One of the lawyers from Darrell Castle and Associates, PLLC would be happy to go over your finances to make certain that filing for bankruptcy is the best option for you and your family. Then, we can help determine whether you should file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. There are critical differences between the two that you need to understand before choosing. By hiring a lawyer, you are ensuring you can make a knowledgeable decision.
How to File for Bankruptcy
If you have a lawyer on your side, he or she will go through all of the necessary paperwork with you. A lawyer will take the greatest burden off your shoulders so you can focus on getting your life back together. Your lawyer can assist in making wise decisions regarding your finances and assets as well as file paperwork and documents on time to ensure you are moving in the right direction. Your lawyer can also determine the best options of getting your finances back in order so you can begin to feel secure.
How Do I File for Bankruptcy?
Learning the facts of bankruptcy may have given you the encouragement you needed to move forward with purging your debts. So what comes next?
1. Hire a Bankruptcy Lawyer
Don’t procrastinate; find a good bankruptcy law firm in Memphis, TN. It’s easy to learn about the process online, but each state has its own laws. Retaining a knowledgeable professional is the smart decision because mishandling your debts is sure to mean more trouble down the line.
2. Attend a Bankruptcy Counseling Session
Federal mandates require you (and your spouse, if you’re married) to complete a credit counseling course within six months of filing your bankruptcy petition. The U.S. Department of Justice website can help you find debt counselors in your area approved by the U.S. Trustee Program.
3. Complete and File the Petition Paperwork
Your attorney will help you gather documentation of your income, assets, debts and expenses for the petition paperwork. Expect to pay court case and administration fees when you file the petition. Once the bankruptcy filing is on your record, however, all attempts to collect on your debts — including repossession and foreclosure — must stop according to law.
4. Meet With Your Trustee and Creditors
The court will then appoint a trustee to manage your case. To confirm your eligibility for bankruptcy, you will have to meet and answer questions under oath from your trustee and your creditors. An attorney from your bankruptcy law firm in Memphis, TN, will attend the meeting with you and help you prepare.
5. Create a Repayment or Liquidation Plan
If the court determines that you qualify for bankruptcy protection, the type of filing you made determines what happens next. Under Chapter 13, you will create a plan to repay your debts within three to five years. If you file for Chapter 7, your trustee will sell off any nonexempt assets to satisfy your creditors.
6. Complete a Debtor Education Course
Finally, the U.S. Bankruptcy Code requires you to finish a personal financial management program. In exchange for federal protection from creditors, you agree to learn to be more responsible with your money. Once you complete the course, the court will discharge your debt. The bankruptcy filing will impact your credit record, but no creditor can attempt to collect a discharged debt again.
Your current financial situation will determine how complicated your bankruptcy proceeding will be. However, having a qualified bankruptcy law firm in Memphis, TN, by your side can make the process much more manageable. Reach out today.
Contact a Lawyer Right Away
You need to make sure to have an experienced lawyer on your side throughout the entire process of filing for bankruptcy. This is why you absolutely need to reach out to a bankruptcy law firm in Tennessee as soon as you begin having financial trouble. The lawyers at Darrell Castle and Associates, PLLC will be happy to speak with you and go over all of the different options you have. We will also make sure you get everything filed as quickly as possible so that you can begin to build your credit and move on with your life. Reach out today to set up a consultation. Waiting can hurt you more than help and by taking action right away, you can begin to fix your financial issues.