How to Stop the Memphis Bankruptcy Loop
Bankruptcy is meant to be a fresh start and chance to rebuild your life. However, many people with debt find themselves re-filing bankruptcy in Memphis—and sometimes very soon after their last try.
Here’s why that happens and what we’re doing to help people get out of debt for good.
Memphis’ Reputation for Re-filing Bankruptcy
A while back, ProPublica released a report about people filing repeat bankruptcies in Memphis. The area stood apart for this problem, and the data showed a few reasons why it might be happening.
In particular, they found some bankruptcy attorneys failed to properly tell their clients the difference between Chapter 7 and Chapter 13.
Chapter 7 and Chapter 13 bankruptcies both help you get out of debt. They are both powerful options that have advantages and disadvantages.
That said, they work differently, and you pay for them differently. So if your attorney pushes you toward the wrong one—perhaps in hopes they’ll get paid more over time—your case might get dismissed. That’s how a lot of Memphians end up needing to refile.
The law actually requires that your attorney explain the difference, and you even have to sign off on it when you file. But there’s a big difference between just explaining the difference to satisfy the law and explaining it so the client understands it completely.
Most of all, it should matter to your attorney if your case falls apart. They should give you the best information possible so this doesn’t happen.
How to Stop Re-Filing Bankruptcy in Memphis
Many if not most people should be able to avoid re-filing bankruptcy in Memphis as long as you’re set up well from the beginning.
To that end, I wrote a book outlining everything you need to know about the bankruptcy process called The Life-Changing Power of Bankruptcy. I developed it based on conversations I’ve had with thousands of people over the years who we helped get out of debt. If you’d like a copy, I offer them to all prospective clients for free.
For example, you will be much less likely to need another bankruptcy if you’re prepared for life afterwards. The book describes how to get a car, house, job, and other basic life necessities after a bankruptcy.
In addition, you deserve to know exactly what a Chapter 7 or Chapter 13 bankruptcy will do for you. In my book, I describe exactly what to expect between the two and why you might prefer one over another.
I hope that by offering this book, I might help many more people get out of debt for good, once and for all.
Get Set Up for Success With the Right Lawyer
As you can see, we care deeply about our clients’ success. We want you to have a fresh start and a new lease on life. Bankruptcy should be a tool that helps you get where you want to go—not a never-ending loop keeping you in poverty.
When you come into our firm for your free consultation, we always look at your priorities and what you want from the experience. Do you need to keep your house so your kids can stay in the same school? Would you lose your job if you lose your car? How might a Chapter 7 solve your main problem (and what if it wouldn’t?).
We take our time with every single client to answer these questions and give you a clear idea of what to expect. You leave our office with resources to help you succeed. And as things come up along the way, we are always there. Unlike some other firms, we never charge extra for a phone call or additional work on your case.
As we’ve seen across the Mid-South, without that support, you might have to file again and again.
For decades, we have helped Memphis get out of debt and actually stay out of debt. We would love to help you, too. Contact us today to get started or just fill out the form below.