Memphis bankruptcy attorney | Darrell Castle & AssociatesWe continuously get questions in our office from clients and prospects and we find joy in providing the answers.

At this time, we would like to take five of the most common bankruptcy questions we’ve received lately and answer them for you!

Here we go…

I can’t pay back my student loans, can I include them in a bankruptcy?

Your student loans can be included in a chapter 13 bankruptcy.  This will allow you to either reduce or delay your payment obligations.

Reduce student loan payment – If you can afford the payment, this will allow you to include the student loans in your bankruptcy and pay over (generally) five years at a low interest rate.

Delay student loan payment – If the debt is just too high, you may not have to pay anything towards your student loans during your bankruptcy repayment plan, but instead just pay the interest. Then after 5 years, once the rest of your debt is paid off through the repayment plan, you can continue to pay your student loans.

I’ve already filed for bankruptcy once, can I file again?

Yes, you can file again after a certain number of years go by.  For a chapter 7, eight years must have passed since your last filing.

You can file a chapter 13 (generally) as many times as you want.  A chapter 13 is a staggered system depending on many different things.  My best advice for you is to come in and talk to us about your situation.

Do I have to stay in my bankruptcy plan for 5 years?

No, it can be shorter, but your payment would be higher.  The main reason for choosing a 5-year repayment plan is because it’s the lowest possible payment.

I’ve been sued as a result of a car accident, can a bankruptcy help me?

Normally, yes it can.  If you caused injuries as a result of a drunk driving or criminal act, then it can be a problem.  But, other than that, yes.

What can I do if a lien is put on my house?

Like many things, it depends on the situation.  Generally you can remove debt with a bankruptcy but you can’t remove home liens.

These things can be difficult to determine in a blog post.  My best advice would be to come and talk to us and let us help you. As a well respected bankruptcy law firm Memphis, TN counts on, we can help guide you through your financial difficulties.

Have you been thinking about filing for bankruptcy but you’re terrified of what it’s going to do to your credit?  We have access to a great 14-week program that will teach you how to re-establish and rebuild your credit the right way.  This is a free program with a $1,000 value.

Let us help you.

If you have questions or are considering bankruptcy, contact us online today or call us at (901) 327-2100 and we’ll discuss your situation with you, free of charge.