Bankruptcy Lawyers Memphis, TN Knows and Trusts

Bankruptcy lawyers Memphis TN

Overwhelmed with debt and looking for experienced bankruptcy lawyers Memphis TN has trusted for decades? You’ve come to the right place. Darrell Castle and Associates 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. People who experience financial struggles, such as a tremendous amount of debt they are unable to pay, have relied on us to give them the pressing legal support they need to turn their situation around. There is help available if you are left with no other alternative. Call us today so we can learn more about your situation and provide personalized assistance.  

The decision to file bankruptcy may seem impossibly hard, but the process is actually very easy. It is a common assumption that filing for bankruptcy is an uphill battle that involves complicated steps. While every person’s financial situation is different, you shouldn’t assume that your case will automatically begin with immediate hurdles. 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. Rest assured: there’s no reason to spend the rest of your life struggling with bills you can’t pay. We will take care of the most difficult parts of the bankruptcy process so that you can get peace of mind. 

Whether you’re considering a Chapter 7 bankruptcy or a Chapter 13, you need bankruptcy lawyers Memphis TN respects, and that’s exactly what you’ll find at Darrell Castle & Associates. When you are searching for a dependable and trustworthy bankruptcy lawyer, you want to work with one that has achieved proven results. They should have a good record of improving the financial situations of clients and helping them get back on track. Read on to learn some basic information about the bankruptcy process and what you can expect from it. 

Is Filing for Bankruptcy a Common Practice?

If you are thinking about filing for bankruptcy, you are certainly not alone. According to a survey conducted by Findlaw.co, approximately one out of every eight American adults has either filed for bankruptcy or has seriously considered doing so. Most Americans are relatively financially responsible. So, why is bankruptcy such a common practice? Quite simply, very few Americans have the resources to immediately rebound when their finances are hit hard without much warning. Most American families are only a single job loss, serious injury, significant illness or another major life challenge away from serious financial instability. Even the most financially conscientious adults may find themselves contemplating bankruptcy at one time or another. 

There is a stigma associated with filing for bankruptcy, which can deter many individuals who are struggling financially. They may feel pressure to handle their debt on their own. As a result, their debt problem only becomes worse because they don’t consider the available tools to help them find relief. Many people receive the message that bankruptcy only affects those who are not responsible with their money. However, the truth is that bankruptcy can affect anyone, even people who are always responsible with their money and make payments on time. If you decide to file for bankruptcy, know that it is not a personal failure. Things beyond one’s control can cause financial troubles in an instant. Bankruptcy can be spurred by sudden economic turbulence or a serious accident that results in devastating injuries. Medical debt is also a leading cause of bankruptcy. Regardless of how your financial problem occurred, do not think of bankruptcy as a personal or moral failure. For some people, it may actually be the best way to achieve debt relief. 

So, if you are thinking about filing for bankruptcy, please consider connecting with Memphis, TN bankruptcy lawyers as soon as you can. Speaking to a lawyer at your earliest inconvenience is highly encouraged so that they can begin helping you right away and work on a plan. Meeting with experienced legal professionals will allow you to have your questions about the bankruptcy process answered and will allow you the ability to clarify any concerns you may have about filing for bankruptcy. Too often, individuals and families only think to speak with Memphis, TN bankruptcy lawyers after they have become so financially stressed that they feel they have no options available to them. This is one of the biggest mistakes that you can make, and it’s one of the easiest to avoid. Take action early before your debt becomes more out of hand. Don’t waste precious time wondering if you should talk to a lawyer about your situation. The time to act is as soon as possible. Please know that no matter where you are financially, there are likely one or more legal tools available to assist you in regaining your financial footing.

It is worth noting that when some individuals and families meet with Memphis, TN bankruptcy lawyers, they discover that they are eligible for alternative forms of debt relief. This is another reason why it’s important to speak to a lawyer. Depending on the circumstances, certain individuals may not have to file for bankruptcy and can utilize other options. Some are able to save their homes from foreclosure, while others are able to work with their attorneys in order to negotiate with debt collectors in ways that allow them to avoid bankruptcy. Remember that bankruptcy should be considered as a last resort. Everyone’s situation is different, so it is important to explore your unique options with an attorney before committing to a debt relief strategy. They will assess your situation and finances to explain if bankruptcy is actually right for you. 

Bankruptcy Assistance Is Available

If you have questions or concerns about the process of filing for bankruptcy, please consider scheduling a consultation with Darrell Castle & Associates, PLLC today. Once our experienced team learns about your unique situation, we can advise you about your legal and financial options so that you can make an informed decision about how best to proceed. Speaking with Memphis, Tennessee bankruptcy lawyers does not commit you to filing for bankruptcy. You will never be forced to file for bankruptcy. As beneficial as the bankruptcy process has been for millions of Americans, filing for bankruptcy is simply not the best option for everyone. Our firm’s primary concern is ensuring that you have access to all the legal guidance you need so that you can make the best decision possible for yourself and your family.

We believe no question or concern is irrelevant when one of our clients is thinking about filing for bankruptcy. We would be happy to answer any of your questions. Please consider scheduling a consultation with our team of Memphis, TN bankruptcy lawyers today so that we can help to ensure that your options are as informed as possible. We look forward to speaking with you.

Help with Your Chapter 7 Bankruptcy

Chapter 7 bankruptcy gets rid of your debt at once. A great option for dealing with medical bills, credit card debt, and wage garnishment, it has the power of federal law behind it. Once you file Chapter 7, creditors have to leave you alone and all wage garnishments stop instantly.

Need to file Chapter 7? We offer a payment plan that allows you to file immediately with no money down. That means you don’t have to wait. You can stop wage garnishment now and keep your paycheck.

Help with Your Chapter 13 Bankruptcy

Facing foreclosure or repossession? Chapter 13 bankruptcy allows you to keep your assets and get out of debt over time.

With Chapter 13, we help you set up a payment plan so you can keep your home or car and pay off your other debt at a price you can afford. We look at your unique situation and work with you to make the process go smoothly according to your priorities.

If you’re unsure whether Chapter 7 or Chapter 13 is right for you, don’t worry. We can help you look at both options when you come in for a free consultation. To get started, we look at how you qualify and in what way each option will affect your finances. Then we give you all of that information and advise you on how to move forward.

Filing for Bankruptcy While Legally or Informally Separated

It has been observed countless times that “when it rains, it pours.” Of course, challenging times are not always particularly challenging, just as every rainfall does not occur in a deluge. But it can certainly feel like negative life events tend to occur in stormy clusters from time to time. If you are struggling with the practical realities of being separated from your spouse and are simultaneously contemplating filing for bankruptcy, you are likely familiar with this phenomenon.

It is important to understand that filing for bankruptcy at this point in time may be tricky from a legal standpoint. When discussing this financial relief option with your attorney, you are going to need to be candid about whether you are legally or informally separated from your spouse and about how likely it is that you and your spouse will ultimately choose to get divorced. There are legal consequences associated with bankruptcy, divorce and legal separation which may impact each other. Timing of each legal process, with the assistance of Memphis, Tennessee bankruptcy lawyers, is therefore important and understanding how one may impact the other is critical to avoiding otherwise preventable legal hurdles.

Marital vs. individual Assets

Although there are notable exceptions to this standard, most of the time assets, property, debts, and income acquired during a marriage are treated by the family legal system as marital property. Marital property and marital debts are generally required to be divided in an equitable manner. This does not mean that every individual piece of property, etc. needs to be sold and the profits split evenly. It means that the sum total of your marital property and assets, you are generally entitled to half and your spouse is generally entitled to half. Similarly, you will generally be held responsible for half of your marital debts.

During the bankruptcy process, individuals are often required to sell off assets in order to help meet the burden of certain debts. You can see how it might throw a wrench into your divorce proceedings or potentially violate the terms of your legal separation orders if you began selling off assets before they were determined to be separate or marital property. And you can see how it may place you in serious trouble with the court if you began selling off marital assets specifically. It is therefore critical to discuss the timing of your bankruptcy, legal separation and/or divorce with your Memphis, TN bankruptcy lawyers so that you can minimize these kinds of impacts and potential damage to any one process.

Legal Counsel Is Available

If you have questions about bankruptcy, legal separation or divorce, please consider contacting Memphis, TN bankruptcy lawyers at Darrell Castle & Associates, PLLC today. Our experienced team is ready to advise you of your legal options so that you may make the healthiest decision possible related to your situation. Navigating financial and romantic challenges simultaneously is never easy. But speaking with Memphis, TN bankruptcy lawyers will help to ensure that you have access to the legal support you may require during this potentially overwhelming life transition.

Client Satisfaction at Our Bankruptcy Firm

As bankruptcy lawyers Memphis TN has trusted for decades, our attorneys provide award-winning service at a reasonable price. For over 30 years, we’ve helped people in your situation get back on their feet. We’ve seen thousands of people in Memphis get out of debt and start fresh.

We offer our clients exceptional resources you won’t get from just any other lawyer, 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, and
  • 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!

Contact the Bankruptcy Lawyers Memphis TN Trusts

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.

Call us at 901-327-2100 to talk to some of the top bankruptcy lawyers Memphis TN has to offer today.

Bankruptcy Lawyers Memphis TN

If you are thinking about bankruptcy don’t hesitate to reach out to trusted bankruptcy lawyers in Memphis, TN to give you the advice you need. Many people aren’t sure what will happen to their credit score after filing or even what to do after filing. That is where a trusted lawyer from Darrell Castle & Associates, PLLC can help you with your legal advice and knowing what to expect. 

The short answer is your credit is going to take a hit, but it isn’t the end of the world. What you can expect from your credit when you file for bankruptcy shouldn’t be a question on your mind. 

What Happens to Credit After Bankruptcy 

When you file for bankruptcy you can expect that it will stay on your credit report for a maximum of 10 years. If you file for a Chapter 13 bankruptcy then it may only stay on there for a maximum of 7 years. The type you file is going to depend on your situation, and it is important to talk to a lawyer about which option is going to be better for you in the long run. Oftentimes people go in blind and it can hurt their score and life in the long run. 

As expected your credit score is going to go down. How far it goes greatly depends on where your credit score starts at. For those who have a 700+ points score it could drop down as much as 200 points. For those with lower scores, it can go down as far as 150 points depending. No matter where you start out though, you are going to be sitting below 600 points in most cases. 

Not only will your score drop but you may not be able to gain any new credit for a long time. This can make helping your score more difficult. If you do qualify for credit then you will likely have higher interest and fees than you would otherwise. It can also affect your ability to qualify for things like an apartment, utilities, and even employment. 

Building Your Credit Back Up 

You can rebuild your credit after filing for bankruptcy. There is a myth that once you file your score is going to be terrible forever. The truth is that no, your score won’t stay low forever as long as you work at it. In many cases, you can have a healthy score in about four to five years if you truly are dedicated to working on it. 

As long as you make sure all payments going forward are on time, you can start rebuilding your score. Keeping up to date and making sure there are no late payments is key when rebuilding your score from bankruptcy. As you may know, late payments can impact your score negatively which is what you want to avoid. 

If you are going through the process of bankruptcy then don’t hesitate to reach out to one of the bankruptcy lawyers in Memphis, TN for more information. If you have questions don’t hesitate to reach out to Darrell Castle & Associates, PLLC

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