While this is unfortunately the reality of some individuals, bankruptcy doesn’t have to be this way.
In fact, bankruptcy is a viable option for individuals and families who have fallen on hard times and can be a great way to absolve debt. Many myths about bankruptcy, like never recovering a credit line after filing, put undue pressure and seemingly close off any option of recovery, when in fact, recovering from bankruptcy can feel like a fresh start.
According to a study by the Federal Reserve Bank of New York, people who filed bankruptcy had access to more new lines of credit than those in a poor financial state. They found that individuals who took on their debt themselves and did not seek help became “insolvent” and felt hopeless and would have preferred to file bankruptcy.
Which side would you rather be? Would you rather have a sense of relief and reduced stress knowing that your debts can be forgiven, or would you rather carry the weight of the debt on your shoulders and live a lifetime of harrassment from debt collectors?
When you have debts due to unforeseen medical bills, or other emergency situations the bills can feel like they are stacking up and all hope is lost. This stress not only affects you, but those around you including family members and close friends.
The team at Darrell Castle & Associates believes that hope is not lost; that you can start fresh and live a debt-free life. Our bankruptcy experts can guide you through that process of deciding which route is best for you and aid in the filing process.
In fact, Darrell Castle & Associates has nearly 30 years of bankruptcy experience. Our team doesn’t just want to gain your business, but believe that forming a partnership with you and guiding you through the entire process will affect your financial outcome. In addition to the counseling and legal service we provide, our bankruptcy clients also gain access to our exclusive library of bankruptcy resources, including our “Life After Bankruptcy” publication and “7 Steps to a 720“, an online credit restoration program that teaches you the tips and tricks about rebuilding your credit score to an A+ rating after a bankruptcy, free of charge.
To learn more about the process of filing for bankruptcy or to have any questions answered about your options, fill out the contact form on the right to get in touch with a bankruptcy attorney in Memphis.