It’s important to save money as you never know when something like a job loss will occur

By: Darrell Castle

“Nearly 350 teachers who lost their jobs in Shelby County Schools due to school closings or falling enrollment have not been placed yet. And with the start of a new fiscal year Monday, they will be off the payroll.”

That was a quote in the Commercial Appeal today, and as a Memphis bankruptcy attorney, I can only imagine the insecure feeling these teachers have.

Often times, an unexpected incident like a job loss or a medical emergency – anything that puts a stop in income for a period of time – can end up being the straw the breaks the camel’s back.

This is why it’s SO important to save your money. When you receive your paycheck, save at least 10% first, tithe if you do so, pay your bills and then enjoy what’s left, unless you want to save MORE. But, first and foremost, you should SAVE. When you do so, you create a cushion to fall back on in case you DO end up off your company’s payroll.

However, many people don’t save responsibly, and when the income stops coming in while the bills KEEP coming in, these folks end up in debt because they’re unable to pay their bills.

For some, the pain is short-lived as they find a job and get back on their feet quickly. But for others, especially depending on how much money they have saved and how much their monthly expenses are, the debt can come fast and in a bulk; it becomes an overwhelming burden that controls you.

Lucky for us, we don’t have to live enslaved by that debt. By filing for bankruptcy, a person can either discharge their debt through a Chapter 7 or lump it into an affordable 3-5 year repayment plan through a Chapter 13. By doing so, the person creates a clean slate and a fresh start for themselves to begin spending the right way.

At Darrell Castle & Associates, we have a great credit restoration program called “7 Steps to a 720” that will help you re-establish and rebuild your credit after a bankruptcy by teaching you tips and tricks the banks don’t want you to know. This program, which is a $1,000 value, is provided free to our clients.

If you’re interested in the program, have any questions or if you’re considering filing for bankruptcy, you can speak to one of our experienced bankruptcy attorneys, free of charge, by calling (901) 327-2100 or filling out one of the contact forms on this page.

PS, anyone who may be looking for a job can attend the Fresh Market open house job fair for the company’s new Midtown store. This fair will be held on July 9th from 8:00am to 7:00pm at the DoubleTree by Hilton, at 185 Union.