Bankruptcy Law Firm Memphis, TNWe often describe a challenge metaphorically as a “snowball effect.” What that means is, a small problem — so small it’s almost insignificant — can become a near-disastrous one. Debt is one of those vicious cycles.

The people I meet, as a Memphis bankruptcy lawyer, who have been in debt most of their adult lives have different stories. Some spent recklessly in college and lived off of credit cards for years. Others got here through no fault of their own — rather, health crises or the sudden loss of a job made it impossible to make ends meet.

No matter their different reasons for getting here, far too many people assume debt will just disappear on its own. Which of course it doesn’t. It just snowballs and gets larger and larger.

Debt weighs on you heavily. There’s stress. There’s the loss of control — the loss of simple, everyday life pleasures. Those small joys would be entirely possible were it not for debt, but now they’re beyond reach.

When you look at the emotional cost of debt, which I explain in more detail below, it simply isn’t worth it. Bankruptcy is a way out. It stops the cycle of debt in its tracks. It’s the solution, not the problem, and if you are feeling overwhelmed by your credit card balances and bills at the beginning of this new year, I encourage you to give me a call, so we can discuss your options.

You might be surprised by these emotional side effects of debt:


This one probably goes without saying. After all, how could you feel stress-free when you’re consumed by the thought of how much money you owe?

I often talk about how debt is a self-perpetuating cycle — it costs money to be in debt, for a number of reasons — and that’s particularly relevant to stress. Debt increases your stress level at work, possibly hurting your performance. Of course, you are also at this time in a very vulnerable place. A job loss would be more catastrophic than it would be without the stressful mountain of debt.

When you’re dealing with debt-related stress, it’s hard to do anything without feeling guilty. A night at the movies or buying just a few more groceries than usual all adds to it.

According to the American Psychological Association, 64% of graduate students say that stress related to debt impedes their ability to function.


When you’re stressed about your debt, the sheer notion of a job loss is terrifying. And that’s just one of many things that become frightening when you’re in debt.

Most unexpected things are terrifying when you’re debt, all those unwelcome and unexpected twists of fate. A car breaking down. A medical emergency. When you’re in debt, there’s no safety net to catch you if you fall.

I’ve seen it get even worse. When you’re behind on car payments, your house note, and utilities, you have to deal with the possibility of that eviction notice on your door. The terrifying prospect of those calls from collection agencies.

Then there’s the fear of how it will bleed into your personal relationship and all other aspects of life. The fear of never getting out.

Can you imagine the relief of getting out from all that debt? The freedom you’ll feel? It’s real, it’s here, and it’s yours if you want it. Contact us here or call (901) 327-2100 to speak with a Memphis bankruptcy lawyer, and we’ll discuss your options.