What You Need to Know About Declaring Bankruptcy in Memphis
For so many Memphians, debt can be a huge struggle that affects every area of your life. If you’re behind on debt payments, you may be worried about your home, your car, or your paycheck. It can steal your energy and your joy. Here’s what you need to know about declaring bankruptcy in Memphis and what to expect from the process.
What Does It Mean to Declare Bankruptcy?
Declaring bankruptcy simply means you file a bankruptcy petition with the courts. You tell the court and your creditors that you can no longer pay back your debts in your current situation, and you need help. Our bankruptcy laws offer a way to clear or pay back those debts and finally get a fresh start.
Why You Might Need It
To avoid bankruptcy for whatever reason, many Memphians with a lot of debt might try to wait it out until their financial situation changes. They might ask for help from a non-profit or church group. They might even call their creditors and try to negotiate their debts.
Maybe you’ve taken some of these steps. For some situations, they can make a real difference.
However, if you’re facing a huge debt burden, you may quickly realize these options aren’t enough.
Bankruptcy is the only option that’s legally-binding, so it’s perfect for people who want to keep their homes, stop a car repossession, or finally put an end to wage garnishment. And it’s the most powerful tool to help people with skyrocketing credit card or medical debt. It can even help you get out of tax debt.
Who Needs to Know?
Even though it’s in the public record, bankruptcy can be a pretty private experience. We’ve written a lot about who needs to know you’ve declared bankruptcy in Memphis, but the short answer is generally no one but your spouse or anyone co-signed on your debts.
Bankruptcies do get listed in small print in a daily business paper, but no one you know likely searches those pages. Generally, our clients are able to keep their experience very private.
Is It Morally Wrong?
Bankruptcy is the legal process for anyone who can’t repay their debts. It’s not only morally OK to get a fresh start—it’s actually based on the biblical principle of jubilee.
I’ve studied this subject extensively over the decades I’ve practiced law. If you’re concerned about whether it’s morally wrong to declare bankruptcy, check out my free report, “What Does the Bible Say About Bankruptcy?”
What It Might Cost
The total cost of a bankruptcy depends on each individual situation. Fortunately, you can get all the info before you ever make a decision.
At our Memphis firm, we offer a free consultation where we help you understand your options, and we work hard to make the whole process affordable for you. In addition, unlike some bankruptcy services, we don’t have any hidden fees or surprise costs.
Declaring Bankruptcy in Memphis: Find the Right Lawyer
If you think you might want to declare bankruptcy, you need an attorney who will help you every step of the way.
Look for an attorney with experience, great reviews, and a dedication to your case. You should also make sure they don’t have any hidden fees or extra charges if you need help later in the process
Too often, law firms will charge you for additional phone calls or extra unexpected work. For people with financial troubles, this is unacceptable. You should know exactly how much this process will cost you, and you should trust your attorney will answer your calls and guide you all the way through, without surprise fees.
For over thirty years, our firm has helped Memphians get out of debt. We treat you like family, and we fight for you like you’re one of our own. With us, you’ll have all the information you need, including free resources to help you rebuild your life free of debt.
To get started with a free consultation, no strings attached, contact me today. You can call us at 901-327-2100 or fill out the form below.