A life completely free of debt is possible, and it can be yours if you’re willing to make the necessary changes. I’m a bankruptcy lawyer Memphis TN trusts, and I want you to know that with a Chapter 13 bankruptcy, you can be debt-free in less than five years.
Here’s a story of a recent client whose life was completely transformed for the better by a Chapter 13 bankruptcy. This young woman had a great job, proof that our expectations or preconceived notions about debt aren’t always accurate. However, she also had credit card debt far in excess of what her income allowed, not to mention a house payment, a car payment, and student loans.
Credit can allow us to live above our means for only so long. As is often the case, this client’s debt ballooned every day. There was no way her income would allow her to pay it off. Like so many people I meet, debt kept her from being an active participant in her life and community; she was no longer a productive member of society. The day came when she realized she had to tackle that debt head-on. Because debt is not something that will get better on its own.
A Chapter 13 bankruptcy is a reorganization plan that allows you to become completely debt-free in a very short period of time, usually between three and five years. Your debts are consolidated into affordable monthly payments — the key word here is affordable — and as long as you make all of those payments, you’ll have a debt-free life.
If you’re struggling with debt, you should know where that client is now. Chapter 13 allowed her to keep her house and car, with a payment to her student loan debt as well. The reorganization plan we helped her create diminishes all of her unsecured debt. When it’s complete, she will only have the long-term mortgage on her home, not any other debts. Thanks to this very simple plan, she is no longer facing a lifetime of debt servitude.
Explore your options with a bankruptcy lawyer Memphis TN trusts.
If you have questions or want to know more about filing for bankruptcy, I’m happy to help. Our Memphis bankruptcy attorneys are known for our compassion — and results — and we’re here for you. Call 901-327-2100 or contact me online to start the conversation.