Find Your Path Forward

If you’re overwhelmed with debt, choose our experienced Memphis, TN bankruptcy lawyer at Darrell Castle and Associates. Our firm is one of the top bankruptcy firms in the Mid-South. We serve residents all over the area who face repossession, foreclosure, wage garnishment, and more. 

There’s no reason to spend the rest of your life struggling with bills you can’t pay. The decision to file bankruptcy may seem impossibly hard, but the process is actually very easy. When you come to see us for a free consultation, you’ll get honest answers and a friendly, supportive staff. So you don’t need to worry or spend sleepless nights trying to figure out what to do.

Whether you’re considering a Chapter 11 7 bankruptcy or a Chapter 13, you need a lawyer you can depend on, that’s exactly what you’ll find at Darrell Castle & Associates.

If you’re looking for a bankruptcy lawyer, Darrell Castle & Associates is ready to help. Contact us today to start exploring your options with an attorney who wants to see you succeed. 

Table of Contents

You may already be familiar with bankruptcy, or you may be relatively new to bankruptcy. In either case, it is important to fully understand bankruptcy: While it’s an enticing chance to get out from under debt, there are pros and cons to any plan. If you’re in a difficult financial situation, you may be contemplating filing bankruptcy, but how do you know which option is right for you, and what’s the catch?

Declaring bankruptcy might bring you immediate relief from your crushing debt, but there’s much more to consider before jumping blindly into it. You may be desperate for relief from your financial obligations, but you need to ask yourself whether it’s worth the sacrifice. You may have to liquidate some (or all) of your assets, effectively bringing yourself back to square one. This means that while you may have a clean slate, you’ll have to build back everything you once had – and with severely damaged credit, too. This means it can be challenging for you to start again, as you may find it extra difficult to get a loan, employment, or even housing.

Determining Whether Bankruptcy Is Right For You

People are often wary when they hear that they should file for bankruptcy because of the stigma that surrounds it. They worry about possibly never being able to build credit back or starting over. The truth is, filing for bankruptcy should not be taken lightly and is not for everyone, but sometimes it is the best option by far. It will not permanently ruin your credit and you will be able to build your life once again after doing this. To figure out whether or not filing for bankruptcy is the right option for you, you should speak with our bankruptcy lawyer. Our firm is knowledgeable in this field and will have the experience to answer any questions you may have regarding this.

Do Not Be Afraid Of Bankruptcy

You need to feel secure and confident with whatever decision you decide to make. If you choose to file for bankruptcy, realize that we will be by your side every step of the way. We can help file paperwork correctly, answer any questions you may have, and help you make the best decisions for you and your family. By having a skilled bankruptcy lawyer in your corner you will be protected and have the best chance at recovering financially after all of this is done. We will do our best to keep you informed so that you feel empowered to make the right choices for you and your family. 

How Our Lawyer Can Help You

With over 30 years of experience, our firm provides award-winning service at a reasonable price. We’ve helped thousands of people in your situation get back on their feet. It’s a privilege to help Memphis get out of debt and start fresh. We offer our clients exceptional resources, including:

  • A credit program that helps you rebuild your credit to a 720–or A rating–in one year (even after a bankruptcy!)
  • Payment plans
  • Information about life after bankruptcy
  • Quality client support
  • Community partnerships,
  • A listening ear
  • That’s probably why we’ve been awarded multiple times for client satisfaction. We take our work very seriously, and you see it in the results and in how well we treat our clients!

Important Considerations When Filing For Bankruptcy

Filing for bankruptcy can be very useful, but it can also have effects that last for years. So it is important to fully understand your situation and if bankruptcy is your best alternative. An experienced bankruptcy lawyer in Memphis TN can review your situation and provide you with your legal options. For a firm you can trust, call Darrell Castle and Associates, PLLC to set up an appointment. At your first meeting, we may ask you questions like:

  • The Size of Your Debt

When you owe money, it can be stressful. You may have collectors calling you constantly, and their demands for payment can feel intimidating. But if the amount of money you owe is relatively small, filing for bankruptcy is rarely your best option. Most times there are better options for repaying small debts. On the other hand, if your debts are large, filing for bankruptcy can be an excellent way to become debt free again.

  • The Type of Debt That You Owe

 Bankruptcy is appropriate for discharging some kidneys of debts, but not others. Bankruptcy can be useful if you owe credit card debt, personal loans, mortgage, car payments, utility bills, medical bills and more. Alimony, child support, student loans or income taxes, cannot be discharged by filing for bankruptcy.

  • How Long It Will Take to Repay Your Debt

 It is bad enough to suddenly lose a job or become diagnosed with a medical condition that requires a lot of care. But when your financial situation suddenly changes with it, it can feel terrifying. It may leave you feeling like filing for bankruptcy is your only option so that debt collectors stop harassing you. However, this might not be your best option. Working with our Memphis bankruptcy lawyer can provide you with an unbiased perspective. Given a little time, your situation may improve without the longer term burden of filing for bankruptcy. Nevertheless, if it will be many years before you can repay what you owe, bankruptcy may be your best option.

  • Your Source of Income

 This may seem like a simple question, but how you earn your income matters. If the income you earn is derived from welfare, social security, or unemployment, debt collectors will be unable to sue you. It is important to note though that if you own assets like property, vehicles, or a house, debt collectors may be able to seize them.

  • If your lenders can make it work

 In many situations, lenders want to receive payment for your debt. Hospitals, utilities companies, and other businesses would rather be paid than send your debt to collectors or take you to court. As a result, they may be willing to adjust the timing of your payments, how they are made or they may even be willing to lower your interest rate for a period of time so you don’t default on your debt. A debt advisor or lawyer may be able to advise you on how to go about the conversation. If your negotiations with lenders are unsuccessful, it may be time to consider whether bankruptcy is a good choice for you. 

Memphis Bankruptcy Infographic

Thing to Consider When Considering Filing for Bankruptcy

Bankruptcy Statistics

Many people wonder if they need a bankruptcy lawyer to file their petitions or if they can file themselves. According to the American Bankruptcy Institute, in one year, 96 percent of the bankruptcy cases where the petitioner has a lawyer representing them were successful in having their debts discharged. Petitioners who represented themselves were only successful just 66 percent of the time.

FAQs

How Do I Know Which Type of Bankruptcy I Should File for?

Two of the most used forms of bankruptcy are “chapter 11” and “chapter 13”. Chapter 13 is usually used to help you keep your home by liquidating other assets and working off a portion of your outstanding debt.

How Do I Know if I Qualify for Bankruptcy? 

There isn’t really any hard requirement for being able to file bankruptcy to discharge debt. A good rule of thumb is if you owe more money than you can earn in five years from your normal income, but you should also consider the assets you own in the event you needed to liquidate and sell them off for cash. Essentially, if your debt exceeds your net worth, it might be time to consider hiring a bankruptcy lawyer to help you out. 

How Do I Know If I Need an Attorney?

If you own a home or some other type of real property, it’s a good idea to invite the help of a bankruptcy attorney if you are thinking your debt is getting out of control. If you have real estate and income-producing properties, hiring an experienced lawyer is an essential move if you think you might need to file for bankruptcy in accordance with state laws.

How Do I Discharge All of My Debts?

Most of your unsecured debts will be discharged after the process has begun. Within just a few months, debts like credit cards and payday loans will be dropped from your credit record and you’ll be starting over. It takes five to ten years to fully recover after discharging these debts. Some debts will not be discharged, so it helps to know these things before you start the process.

Will Bankruptcy Stop a Lawsuit Against Me?

When you owe creditors a lot of money, they may attempt to collect that debt by filing a lawsuit against you. When you file your bankruptcy with the courts, all creditors must stop any collection activity against you. This includes phone calls, letters and lawsuits. If creditors continue to contact you, reach out to our Memphis bankruptcy lawyer for assistance. Debts such as alimony and child support are exempt from bankruptcy, and you must continue making these payments. 

What Happens to the Money in my Bank Account When I File Bankruptcy?

Before you file bankruptcy, it’s a good idea to consult with a bankruptcy lawyer in Memphis TN to discuss your finances. You are allowed to have a specific amount of money available to you to cover your living expenses such as food, rent, utilities and gasoline. If the balance of your bank accounts is higher than the allowed amount, the trustee may use that money to pay some of your creditors. A trustee often reviews your bank account history to verify your regular expenses. Trustees may investigate any large sums of money transferred out of your account, so be sure to speak with a lawyer at Darrell Castle and Associates, PLLC, before moving any money. 

Do I Have To Give Up My Vehicle in a Bankruptcy?

When you own your car in full, you may be able to keep it when you file bankruptcy. This all depends on how much equity you have in it. Many states have a limit of how much value your car can have in it before a trustee can force you to sell it to pay your creditors. If the value is below that level, you shouldn’t have to worry about losing it. 

Darrell Castle & Associates, Memphis Bankruptcy Lawyer

5050 Poplar Ave Suite 1600, Memphis, TN 38157

Contact Our Bankruptcy Lawyer Today

Want to know more? Don’t wait to get a fresh start. Contact us today for a free consultation. We’ll look over your options and help you make the right choice for you and your situation. If you have questions or concerns, we can walk you through the answers. And we’ll treat you with respect and honesty every step of the way. Do not hesitate. You need to get started as soon as possible so that we can figure out how to get your life back on track. We will look at your finances and the rest of your situation to determine how to best assist you. At the end of the day, you will decide what you want to do, but we have the experience to answer any questions you may have about filing for bankruptcy.

To speak with a bankruptcy lawyer who will fight for you, call us at Darrell Castle and Associates, PLLC today. 

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“Connie and Jordan made sure everything went smooth for me. They answered every question I had. Definitely made sure it was easy & painless from start to finish.”
Carlye Campbell
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