Bankruptcy Lawyer Memphis TN Knows and Trusts

bankruptcy lawyer Memphis TN

If you’re overwhelmed with debt, choose an experienced bankruptcy lawyer in Memphis, TN  from 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 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. 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.

Getting Familiar with Bankruptcy:

When it comes to personal bankruptcy, there are two options that are available: Chapter 7 and Chapter 13. You might have heard of these terms before (most notably Chapter 11 if you read the news), but what is the difference, and which is right for you? Keep reading. We will explain the differences between the different types of bankruptcy so you can try to figure out what the best choice would be for you and your family. 

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.

Some types of bankruptcy only apply to certain businesses. For example, Chapter 12 bankruptcy is for family fisheries or farms, and Chapter 11 is for corporate restructuring. In the case of personal bankruptcy, your typical options are Chapter 7 and Chapter 13 – so work with your Memphis, TN bankruptcy lawyer to determine which plan seems best for your situation.

Overview of Bankruptcy Chapters

Depending on your situation, a member of our legal team will advise filing for Chapter 7, Chapter 11, Chapter 9, Chapter 15, Chapter 13, or Chapter 12. It is important that you get assistance when filing for bankruptcy. It is essential that a legal professional provides guidance, in order to minimize delays or mistakes. Here is a brief overview of what each bankruptcy chapter represents: 

Chapter 7

Oftentimes referred to as liquidation bankruptcy, this chapter is the most common bankruptcy status in the United States. Chapter 7 offers liquidation of a person’s property in order to satisfy creditors. Despite using property to distribute as payment to debts, there are some properties the individual is permitted to keep, which is called “exempt property”. Your lawyer can review a complete list of your property and let you know which are deemed exempt, and which are not exempt in your bankruptcy filing. 

Chapter 9

This chapter is geared towards towns, counties, cities, and school districts. If a municipality files for Chapter 9 bankruptcy, they are protected from creditors and will create a plan for adjusting their debts. 

Chapter 11

Sometimes called reorganization bankruptcy, this chapter is available to both businesses and individuals. Under Chapter 11, a business can restructure its finances so that it can continue to remain in operation and work towards financial stability.

Chapter 12

Family fishermen and family farmers can benefit from Chapter 12 bankruptcy. Under this chapter, the farmer or fisherman creates a plan to repay creditors in 3-5 years. 

Chapter 13

As a “wage earner plan”, this bankruptcy chapter allows a person with regular income to create a plan to pay a portion or entirety of their debts. In some cases, an individual will pay a chunk of outstanding debts back and then may have the rest of the debt eliminated. A benefit of Chapter 13 is that it enables a person to avoid home foreclosure (under Chapter 7, a foreclosure cannot be avoided). 

Chapter 15

Debt cases that include more than one country will be handled under Chapter 15. The goal of this chapter is to offer cooperation between foreign courts, a foreign debtor, and the United States bankruptcy courts. Thus, a foreign debtor that has assets in several countries should file under Chapter 15.

Is Filing for Bankruptcy 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 a bankruptcy lawyer that Memphis, TN residents know and trust. Darrell Castle & Associates, PLLC are knowledgeable in this field and will have the experience to answer any questions you may have regarding this. 

Do Not Be Afraid

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. 

Client Satisfaction at Our Bankruptcy Firm

As a team of bankruptcy lawyers this community has chosen for over 30 years, our attorneys provide 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!

Do not hesitate to reach out to someone at our law firm. We can set up a consultation and go over all of your concerns about either filing for bankruptcy or choosing not to file. We can weigh the pros and cons and will be patient in speaking with you. We understand that this is a big decision that will affect you and your loved ones, so we want you to move forward with confidence. 

Contact a Bankruptcy Lawyer Now

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. 

Call Darrell Castle and Associates, PLLC at 901-327-2100 to talk with a top bankruptcy lawyer in Memphis, Tennessee 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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