By: Darrell Castle
John was just like you last year…he was struggling with debt he just could NOT pay.
Your story may be different than John’s, but the result could be the same. Stay tuned and find out what happens at the end.
John’s Debt Story
It all started when John’s company downsized. He had a good job. He had a family – a wife and two children. He had a comfortable house and a comfortable life. John was…comfortable.
He’ll admit to you that he could’ve saved better. He could’ve put more money into his emergency fund. Maybe he could’ve had a more modest car. Maybe his family could’ve ate at home more rather than going out. He should’ve looked towards the future more than he did.
And John realized all of this when he lost his job. He lost HIS source of income. He lost the main income his FAMILY lived on.
His wife had a job as well, but they molded their life around two incomes – as you’d expect. The family could afford to live off of her paychecks and the couple’s savings account for a month or two, but after that, life became real tough.
They missed two mortgage payments and the bank was calling and threatening to foreclose. They fell behind on some medical bills when their little girl got the flu. The credit card debt was piling on and the interest was taking its toll.
During these months, John and his wife got in more arguments than he could remember them EVER getting into, and now they were on the rocks.
John felt helpless. He was losing control of his life.
Then a Friend Told John About Bankruptcy
After several months of failed job searches, he finally found a new job. By this time however, he was in debt up to his eye balls and his family was about to lose their home because the mortgage balance was sky high.
He finally talked to a close family friend about his financial problems. That friend asked John if he’d considered bankruptcy.
John knew what bankruptcy was in a general sense, but never thought he was in a position where it’d benefit him. He didn’t really know what it did. He didn’t know what it COULD do.
John Talked to a Bankruptcy Attorney
John went to talk to a bankruptcy attorney. He laid everything out on the table and explained his situation. He showed the attorney his debt. He expressed his desire to keep his house that his family loved so much.
The attorney then explained the bankruptcy process.
By filing for bankruptcy, John could discharge his dischargeable debt without making any payments towards it through a Chapter 7. Or he could lump all of his debt into an AFFORDABLE 3-5 year repayment plan through a Chapter 13 AND keep his property.
Since he wanted to keep his house, John filed for Chapter 13.
After The Bankruptcy Was Complete
Five years later after John made all of his bankruptcy plan payments – on time – his debt was discharged and his family kept the house!
Now his family is free of that debt and current on their mortgage! And he’s no longer in everyday financial arguments with his wife.
With all of the missed house and credit card payments, John’s credit score was low. But now with all of that debt gone, he has a clean slate that he can use to begin rebuilding his credit score to where he wants it to be.
And with programs like 7 Steps to a 720, rebuilding your credit score to an A+ rating after a bankruptcy is doable!
We Can Help You
John isn’t a real person and this isn’t a real story. However, John’s story represents clients’ stories that I see and hear every week. These people come into my office stressed and mentally beat up. But then they leave relieved, comforted and full of hope.
For decades, our team has helped people in the Memphis area get out of debt and on to a better life. We’re detailed and responsive when handling your case because we want to make sure it’s done right.
That’s one of the many reasons why we’ve received multiple Client Distinction Awards from Martindale-Hubbell for client satisfaction. You’re in good hands here.
How To Get in Touch With Us
Call (901) 327-2100 today to schedule your FREE bankruptcy consultation. Or you can fill out the form to the right to have someone from our office contact YOU.