Bankruptcy Lawyer Hardeman County, TN

Bankruptcy Lawyer Hardeman County, TN - man with hand on head stressed gaze at ground

Bankruptcy is a scary-sounding word, but if you are feeling like you’re buried under a mountain of debt and it keeps getting worse, it might be time to meet with a bankruptcy lawyer in Hardeman County, TN like the good folks at Darrell Castle & Associates. They’ll be glad to talk to you a little bit more about what bankruptcy actually entails, so contact them for more information when you are ready.

As you most likely know all too well by now, debt does not go away. You may have made plans or purchases that seemed manageable at the time, but then spiraled out of control when late fees and other penalties were tacked on. Or, like other families in Tennessee and elsewhere, you may have insurmountable medical debt that you had no choice but to incur.

If you’re tired of getting further and further behind every month and sending every “unknown caller” to voicemail because most of them are debt collectors, you should know that you have choices. These aren’t easy choices. No one wants to admit that actually they need a bankruptcy court’s help to manage their finances, and there are financial and other consequences to claiming bankruptcy.

However, it is a legal and ethical option that may be available to you, and a good bankruptcy lawyer in Hardeman County, TN can help you walk through your options. There are a few different kinds of bankruptcies — which are known as “chapters” – that you may be eligible for. Your lawyer will explain these in much more detail when you meet, but you can certainly start thinking about your options.

Bankruptcy Chapters

Chapter 7 bankruptcy is what most people think of when they think of bankruptcy. When you file for Chapter 7 bankruptcy, you are telling the court that you cannot pay back your debts. If the court agrees, most of your unsecured debt is effectively erased. You can choose to reaffirm certain debts; if you want to keep your house, you can reaffirm your mortgage, for instance. Student loans, taxes, child support, and alimony are not eligible to be discharged in bankruptcy.

To be eligible to file for Chapter 7, you must earn less than the median income for Tennessee or the state in which you live. You can only file once every eight years, and the bankruptcy stays on your credit report for ten years.

If you earn too much for Chapter 7, or if the court is likely to decide that you have the ability to pay back your debt, Chapter 13 bankruptcy may be an option. With this type of bankruptcy, your debt will be restructured and you will make monthly payments for three to five years. The interest rate in a Chapter 13 repayment plan is often much less than what banks and other creditors expect, and a Chapter 13 bankruptcy puts a stop to foreclosure proceedings.

You can file for Chapter 13 bankruptcy if you are up to date on your taxes, your unsecured debt is less than $419,725, and your secured debt is less than $1,257,850. You are limited to filing once every two years, and it will stay on your credit report for seven years.

Other types of personal bankruptcy that you may read about but are relatively uncommon include Chapter 12, which has provisions for family farmers and fishermen to protect their working equipment.

Getting Help From a Bankruptcy Lawyer Hardeman County, Tennessee

As you begin researching bankruptcy, you may be wondering if you are in over your head. Perhaps this is not the best decision for you, or perhaps you do not know enough about what bankruptcy is and what it does to know if this is the right move. At its very core, bankruptcy is a process where a judge looks at your liabilities and assets and examines the details of your financial life to determine if you are truly unable to pay off the debts that you owe. In bankruptcy cases, the judge will either determine that your debts are discharged and you no longer need to pay them or that you do have the financial means for paying them. While scary, bankruptcy can be a truly positive step forward for many people who are struggling financially and need a way out. You should not hesitate to call our Hardeman County, Tennessee bankruptcy lawyer if you are considering filing for bankruptcy. 

Will a court always decide that my debts are either discharged or that I must pay them all? 

There is a middle ground that many people are required to take that is not as black and white as being debt-free or paying off all of your debts. Under Chapter 13, the court may choose to discharge some of your debt while requiring you to create a 3 to 5- year repayment plan that allows you to structure how much money you can set aside to repay the remainder of your debts. 

What should I do when I am prepared to move forward with filing for bankruptcy? 

When you believe that filing for bankruptcy is the best choice, there are a few things that you can do to prepare for your first bankruptcy meeting with us. 

  • Gather your financials. If you have information on your financial state, it is important that you bring this with you to your meeting. Whether it is your expenses, your income, your assets, or your debts, we will want to know about it. The more information we have, the better picture we can create about your financial state and this will help us determine what the best move is for you. 
  • Begin looking into counseling. When you want to file for bankruptcy, one of the first steps is to get credit counseling. The court wants to know that you have looked at every different avenue when it comes to taking care of your financial health. If there are other options that are best for you and your situation, credit counseling may point them out. In fact, without credit counseling, you may quickly find the court rejecting your filing. 
  • Be prepared to listen to your lawyer. When you work with a lawyer on any legal matter, whether it is bankruptcy or personal injury, it is important that you take the time to truly listen to them. Your lawyer will have your best interests in mind and will be examining the local and state laws to understand what the best moves are for you. They will not take decisions lightly and understand that any choices you make will impact your life significantly. 

Get Bankruptcy Help Today

If you’re reading this and thinking that you’d like to learn more about whether filing for bankruptcy would be an appropriate move, reach out to Darrell Castle & Associates to talk to an experienced, compassionate bankruptcy lawyer in Hardeman County, TN.

Good Reasons to Hire a Bankruptcy Lawyer

If you are thinking about filing for bankruptcy, you might wonder if you should hire a bankruptcy lawyer in Hardeman County, TN or not. After all, you’re already struggling financially and aren’t sure if you afforded the added expense of a lawyer. However, it’s always recommended to work with a lawyer when declaring bankruptcy.

Here are a few good reasons to hire a bankruptcy lawyer:


  • Determine the right type of bankruptcy. Individuals can either file Chapter 7 and Chapter 13 bankruptcy. Chapter 7 discharges all of your unsecured debt while Chapter 13 requires you to enter into a repayment plan. There are pros and cons to both types of bankruptcy. An experienced bankruptcy lawyer can assess your unique situation and determine which type of bankruptcy is appropriate. For instance, if you have little to no income, your lawyer may suggest Chapter 7 bankruptcy.
  • Communicate with creditors. If you’re behind on your bills, you probably receive frequent phone calls and letters from your creditors. This can definitely add to your stress. If you work with a bankruptcy lawyer, however, you don’t have to deal with your creditors anymore. Your lawyer will handle all communication with your creditors from now on.
  • Ensure you don’t commit fraud. While you might not intentionally commit fraud when declaring bankruptcy, you might do it by mistake. For example, you might forget to include one of your assets on your bankruptcy paperwork. That’s another reason to have a bankruptcy lawyer on your side. He or she will make sure that you disclose everything you’re required to, preventing you from getting into legal trouble.
  • Improve your odds of success. Bankruptcy judges don’t approve every bankruptcy case. In fact, they reject quite a few of them. To improve your chances of getting your bankruptcy approved, work with an experienced bankruptcy lawyer. He or she has handled many bankruptcy cases in the past and knows what language to use in your application.
  • Help you keep your home. Many people who are headed for bankruptcy fear losing their home. However, if you’re not in foreclosure yet, a bankruptcy lawyer may be able to help you find a solution that would let you keep your house.
  • Save money. Hiring a bankruptcy lawyer sounds expensive at first. However, you may be able to save money in the long run. Your lawyer will help you finish your case faster and avoid costly delays.

5 Reasons Why You Should File For Bankruptcy

Bankruptcy is often a very scary prospect, and it’s not one that many people like to consider until they’re at the end of their financial rope. However, there are five very good reasons why you should strongly consider filing for bankruptcy as soon as possible, rather than allowing your debt situation to spiral out of control and continue to negatively impact you in numerous other ways.

1) Take Control of Your Finances

Filing for bankruptcy gives you the opportunity to take control of your finances and get a fresh start. The process can be daunting, but it’s worth it to be free from the stress of debt. You’re not alone – even famous celebrities have filed for bankruptcy before. It doesn’t mean that you’re lazy or irresponsible; it just means that life happened and now you need help getting back on track. The important thing is to find out what your options are so that you can make an informed decision about how best to move forward with your financial future.

2) Get Rid of Excess Debt and Credit Card Balances

Excess debt and credit card balances can cause a lot of stress. Not only do you have to worry about making your minimum payments, but you also have to worry about the interest accruing on your balances. This can hurt you long term, as it can take years to pay off your debt if you only make minimum payments. Filing for bankruptcy can help get rid of this excess debt and help you get back on track financially. The two most common types of bankruptcies are Chapter 7 and Chapter 13. With Chapter 7, all your debts will be forgiven except those which were not discharged in the bankruptcy. Chapter 13 requires monthly payments over 3-5 years before a discharge is granted. The result of filing for bankruptcy is that you’ll have fewer bills to worry about each month so you’ll be able to focus more on other aspects of life!

3) Save Money on Interest Charges

When you file for bankruptcy, the court will put an interest rate cap on your debts. This will save you money in the long run because you won’t have to pay sky-high interest rates on your debts. Plus, you’ll be able to make changes quicker: if your business is struggling or if you want to sell it quickly, you’ll be able to do so with a bankruptcy discharge. This will also help you to protect your property because a bankruptcy discharge will let you keep everything that’s yours and not attach it to the debts that are discharged by filing for bankruptcy.

4) Rebuild Your Credit

Filing for bankruptcy is a great way to rebuild your credit. It will allow you to improve your credit score, which will in turn help you get loans for things like a house or car. Additionally, it can help you get a lower interest rate on future loans. In the long run, this could save you thousands of dollars!  A lot of people who file for bankruptcy are able to do so because they have good job histories and steady incomes. If this applies to you, filing for bankruptcy may be a good option. If you are only looking at one thing on this list and don’t want any other information about the subject, know that filing for bankruptcy may be the best option if your credit score is low and not improving as fast as desired.

5) Avoid Foreclosure

One of the main reasons people file for bankruptcy is to avoid foreclosure. If you’re behind on your mortgage payments and facing foreclosure, filing for bankruptcy can help save your home.

Contact a bankruptcy attorney at Darrell Castle & Associates today for help filing.