If you’re worried about debt and need a way out, you may have thought about bankruptcy. But “bankruptcy” is a scary word, and a lot of people do everything they can to avoid it – even when it might actually be the best option. Bankruptcy offers a lot of advantages, and we’re here to help you figure out if it’s the right choice for you. Here’s how to declare bankruptcy in Memphis, and what you can expect from the process:

What It Means to “Declare Bankruptcy”

Bankruptcy refers to a federal law created to help people who need a fresh start. It helps you get out of credit card and medical debt, stop foreclosure, avoid repossession, and end wage garnishment.

Some counseling and debt programs will claim to do the same thing, and many clients of ours have tried those first. But those programs can’t save your house or car when creditors decide to stop being patient.

Bankruptcy has the power of federal law behind it, so once you declare bankruptcy, you can rest assured you’re safe.

How to Declare Bankruptcy in Memphis

While you may find the decision to declare bankruptcy difficult, the bankruptcy process itself doesn’t have to be. To declare bankruptcy, you first speak with an attorney. We offer a free consultation, where we discuss your options before you ever have to decide a thing. We always look at your specific situation. For example:

  • What type of credit do you have?
  • Are you at risk of losing your home?
  • What is your income or employment status?
  • Do you have dependents?
  • And other issues that might keep you up at night

From there, we show you what type of bankruptcy you probably need, and we discuss pricing. At our firm, we don’t hide prices, so you always know exactly how much it will cost. Other firms sometimes add fees on later, so make sure to choose someone who looks at your whole case before promising a cheap rate.

Then, we technically do the “declaring” for you. We file a petition with the court asking for you to get debt relief through bankruptcy. Then we work with the courts to set up your case for success.

For Chapter 7 bankruptcy, that means providing all the information needed to make sure your creditors forgive your debts. For Chapter 13 bankruptcy, it means setting up a payment plan for you that works with your income.

Need to Declare Bankruptcy? Have No Fear

Bankruptcy is nowhere near as scary as it seems. It’s meant to be a blessing, because it relieves you of a huge burden. At our firm, we try to make it even easier. We offer a free program to help you restore your credit to an A rating (yes, even after bankruptcy!), and we make ourselves available through the whole process in case you have questions.

We also offer a free report on Life After Bankruptcy, because we truly believe bankruptcy has the power to set you up for a much better life down the road.

If you need to declare bankruptcy in Memphis, you’ve come to the right place. Contact us today at 901-327-2100 to speak with an attorney for free.