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, 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.

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 or Chapter 13. 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 consumer 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 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). 

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. 

6 Mythologies About Filing for Bankruptcy

Bankruptcy is a challenging last resort some individuals try to avoid. Not only is it a daily occurrence, but it has also become a form of resolution to clear outstanding debt. However, some claims can instill fear into someone who is unaware of the procedure. Read further for several infamous myths that remain widespread.

Myth #1: It’s Difficult to File.

False: Declaring bankruptcy isn’t as impossible as you may think. However, you could unknowingly file under the wrong chapter or cite property exemptions incorrectly without the proper knowledge. Therefore, it would be best to seek a legal professional to help you understand the filing process and then assess an alternative that fits your situation.

One suggestion is to contact a bankruptcy law firm in Memphis TN. You can connect with an experienced, reputable attorney who can help you find an effective solution.

Myth #2: It Guarantees Jail Time.

False: Sometimes, debt collectors use threats of imprisonment to spur a filer to pay off their debts. Legal action, wage garnishment, and property holdings are three common scare tactics that debtors use. In reality, you cannot face jail time for relieving overdue bills or mortgage. A lawyer at a bankruptcy law firm in Memphis TN can explain fraudulent crimes worthy of incarceration to clear any false claims.

Myth #3: It’s a One-Time Opportunity.

False: Multiple filings are possible despite complex bankruptcy laws. Some individuals file for the second or third time due to unexpected incidents that affect them. Job loss, divorce, and hospital bills are only a few issues that can push someone to choose liquidation more than once.

Myth #4: It Indicates Financial Irresponsibility.

False: Some individuals turn to the advantages of liquidation to put their situation back into perspective. Whether you’re facing hardship or filed by choice, opting for monetary relief doesn’t indicate that you’re thoughtless and carefree about your finances.

Instead, taking such action shows you’re attempting to start over to improve your circumstance. Before contacting a bankruptcy law firm in Memphis TN ensure that you’ve accepted that filing is your last resort.

Myth #5: It Prevents Credit Card Approval.

False: Although you can expect limited credit access from seven to ten years, the consequence isn’t final, nor does it restrict you from obtaining a card. You can still fill out an application and qualify, but you may have limited options. A secured card is a reasonable alternative to help you raise your score and remove delinquencies. If you begin receiving an influx of offers, most likely, they’re suggestions initiated by creditors.

Myth #6: It Can Damage Credit Permanently.

False: While your credit rating could decrease by a few points, the result is only temporary over a short period. Additionally, you may increase your credit score by filing for bankruptcy.

Liquidation can eliminate any debt and previous unpaid payment on your credit report under chapters 7 and 13. You can also consult with a legal professional at a bankruptcy law firm in Memphis TN to help you decide which chapter is appropriate for you.

Of all of the misconceptions and exaggerations, it would help if you research to become familiar with truth and false information. With a representative’s guidance, you can avoid taking the wrong step that can compromise your financial status.

4 Considerations When Choosing a Bankruptcy Lawyer

Filing for bankruptcy can be a very personal experience, which is why you should find a lawyer who is competent and understands the personal struggles you may face. As you interview lawyers, use these four questions to help you determine if the attorneys can fully support you through the bankruptcy process.

1. Is the Lawyer Experienced in Bankruptcy?

It is important to choose a lawyer who understands the complexities of filing for bankruptcy and the effects it could have on your life. The lawyer should also have a track record of success and show ongoing professional development in bankruptcy law.

A good indication of experience in bankruptcy law is membership and participation in professional associations related to bankruptcy. Lawyers at Darrell Castle and Associates, PLLC have participated in the Memphis Bar Association’s Bankruptcy Section and spoken at an American Bankruptcy Institute training event. They also have membership in the National Association of Consumer Bankruptcy Attorneys.

2. Does the Lawyer Practice Locally?

The bankruptcy lawyers in Memphis, TN, who you interview, should understand the regional bankruptcy laws and have experience filing in that Memphis locality. Knowing these particular laws is crucial because there can be differences in how bankruptcy is filed from one locality to the next.

Bankruptcy lawyers with experience in the Memphis area, such as those at Darrell Castle and Associates, PLLC, can have the personnel (judges, clerks, etc.) and procedural knowledge of the local courts to help avoid costly mistakes when filing. Errors such as missing bankruptcy deadlines or not following local filing procedures can lead to adverse actions, including getting your case dismissed.

3. Is the Lawyer Part of a Bankruptcy Mill?

Bankruptcy Mills file large numbers of bankruptcies without concern for your unique situation or the end result of your case. They can take advantage of your situation and should be avoided.

Signs of bankruptcy mills include: 

  • Poor communication during the filing process
  • Unprepared representation at hearings
  • Bankruptcy deadlines not being met

Your lawyer should be committed to your success and to supporting you throughout the bankruptcy process. You should interview bankruptcy lawyers in Memphis, TN, who focus on the quality of support they can give over the volume of cases they can file.

4. Can the Lawyer Help You Recover After Bankruptcy?

When considering bankruptcy lawyers in Memphis, TN, find out if they offer resources to help you recover your credit and eliminate debt following bankruptcy. This level of support from the lawyer you choose is pivotal in helping you rebuild your life.

Frequently Asked Questions About Bankruptcy

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 a bankruptcy lawyer in Memphis TN 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. A bankruptcy lawyer in Memphis TN can review your car’s value so you know what to expect. 

If you are still making payments on a loan and want to keep your vehicle, an attorney from Darrell Castle and Associates, PLLC, may be able to exempt the loan from bankruptcy. You must continue to make timely payments on the car because the bank can still repossess the vehicle if you default on your loan. If your payment is too high, a bankruptcy lawyer in Memphis TN may be able to help you file a Chapter 13 bankruptcy to reorganize your debts and decrease your monthly bill. 

4 Questions To Answer Before Declaring Bankruptcy

1. How Do I Know Which Chapter?

The two most used forms of bankruptcy are “chapter 7” and “chapter 13”. Chapter 7 bankruptcy, also known as liquidation, is the most common. Liquidation of your assets is used to pay off debts. Things can quickly become complicated because some of your assets may be deemed exempt from liquidation while others are not and these items can change depending on what state your filing is in. Chapter 13 is usually used to help you keep your home by liquidating other assets and working off a portion of your outstanding debt. Chapter 7 will not help you avoid foreclosure. 

2. 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 in Memphis TN to help you out. An attorney, such as one from Darrell Castle and Associates, PLLC, might be able to help create a list of exempt assets so you are correctly adding things up.

3. 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 lawyer in Memphis TN if you are thinking your debt is getting out of control. While it is possible to file for bankruptcy without a lawyer, if you have different types of assets or you own businesses, you might benefit from the educated advice from a lawyer who specializes in that sort of thing, such as a lawyer from Darrell Castle and Associates, PLLC. If you have real estate and income-producing properties, hiring a bankruptcy lawyer in Memphis TN is an essential move if you think you might need to file for bankruptcy in accordance with state laws.

4. How Do I Discharge All 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.

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

Thing to Consider When Considering 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:

  • What is 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.
  • What types of debt do 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 will it 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. Having a bankruptcy lawyer in Memphis TN from a firm like Darrell Castle and Associates, PLLC 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.
  • What is 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.
  • Are your lenders willing to 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 TN Bankruptcy Infographic

Thing to Consider When Considering Filing for Bankruptcy

Memphis Bankruptcy Law 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.

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.

For a bankruptcy lawyer in Memphis TN that will fight for you, call Darrell Castle and Associates, PLLC today. 

Darrell Castle & Associates – Memphis Law Firm

5050 Poplar Ave Suite 1600

Memphis, TN 38157

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