According to the Tennessee Department of Labor & Workforce Development, the unemployment rate in Tennessee decreased to 6.7% in March. This number compares to 6.9% in February and 8.3% last March. This also compares to a national rate of 6.7%.

March was the seventh straight month the state’s unemployment rate improved.

Though the unemployment rate in the city of Memphis always stays higher than the national average, this is a promising statistic for the state of Tennessee.

Memphis has made its own strives to curb a discouraging unemployment rate with multiple job fairs and companies moving operations to Memphis, such as Conduit Global and Voight & Schweitzer.

I’ve practiced bankruptcy law in Memphis for over 30 years. If you name a reason you’re in debt, I’ve most likely already seen it. However, more times than not, each reason stems from two unexpected issues:

  1. medical bills
  2. job loss

The lower state-wide unemployment rate bodes well for reason number two. However, if you’re someone who’s in debt due to a loss of job or any other reason, there’s help.

By filing for bankruptcy, you can either discharge all of your debt through a Chapter 7 or lump it all into an affordable 3-5 year repayment plan. In doing so, you’ll create a clean slate and have the opportunity for a fresh financial start to get things right again.

Memphis bankruptcy lawyersAt Darrell Castle & Associates, we have a great 14 week program that will help you with this called “7 Steps to a 720.” This program, which is free for our clients, will teach you things the banks don’t want you to know, like:

  • how to rebuild your credit the right way
  • why most credit scores are wrong
  • which credit cards actually hurt your credit score
  • how to stop lenders that report the wrong information
  • how to re-establish your credit after a bankruptcy

If you have any questions or if you’re considering filing for bankruptcy, you can speak to one of our experienced Memphis bankruptcy attorneys for free by filling out the “Get in Touch” form below or by calling us at (901) 327-2100.