By: Darrell Castle

A bankruptcy “discharge” means the debtor is released of all of his or her debts.

If you’re behind on your bills and in debt, there are two ways a discharge can happen:

You can file for Chapter 7 bankruptcy. This is a complete discharge of debts without any payments toward the debt. That means, once you file and everything is processed – which takes a few months – then you’re relieved of all of those debts.

Chapter 7 bankruptcy is good for discharging your unsecured debts (debts not backed by collateral) like your credit card and medical bills. However, if you want to keep your house and car (secured debts – debts backed by collateral) then you must be current on your payments.

You can also file Chapter 13 bankruptcy. By filing Chapter 13 bankruptcy, you’re lumping your debts into an affordable 3-5 year repayment plan in which you’ll make routine affordable payments on your debts. Then, once you complete your plan and make all of your payments ON TIME, the remaining debt is discharged.

Chapter 13 bankruptcy is good if you’re behind on your house or car payments but want to keep your property. You can include those in a Chapter 13 bankruptcy and make payments on them,

There are wonderful benefits to discharging your debts through a bankruptcy.

  1. When you file for bankruptcy, all creditor harassment must stop.
  2. Relief from debt often means relief from stress.
  3. You create a fresh start to begin rebuilding your finances the RIGHT WAY.

You need an attorney you can trust. You need a bankruptcy attorney who has your best interest at heart and will walk and talk you through this process.

Darrell Castle & Associates has received multiple Client Distinction Awards for client satisfaction because we go the extra mile for our clients’ success.

We not only want to help our clients get out of debt through bankruptcy, but we want to provide them with the tools to succeed after – that’s very important. That’s why we offer 7 Steps to a 720, an online course teaching you the tips and tricks the banks don’t want you to know in regards to re-establishing and rebuilding your credit score the right way.

If you’re struggling financially and want to sit down and discuss your options with an experienced attorney, then our FREE financial consultation is perfect for you. Call (901) 327-2100
to schedule your appointment, or fill out one of the contact forms on this page.