The National Crisis of Debt
According to the Commercial Appeal, almost 45% of Greater Memphis residents and more than 35% of all adult Americans have been reported to collection agencies.
The article claims the number is so high because wages barely kept up with inflation over the past five years. This debt comes from human mistakes, job loss, and medical bills.
“Roughly every third person you pass on the street is going to have debt in collections,” said Urban Institutes’s Caroline Ratcliffe. “It can tip employers’ hiring decisions or whether or not you get that apartment.”
That’s because the debt is only one problem. If you let it fester because you can’t pay it, the debt and its consequences only get worse. It lowers your credit score and job prospects.
As a bankruptcy attorney Memphis TN trusts with their cases, I see people let debt ruin their lives every day when they don’t have to. It ends up becoming a lifestyle.
Breaking the Cycle of Debt
By filing for bankruptcy, you can either discharge your debts through a Chapter 7 or lump it all into an affordable 3-5 year repayment plan. In doing so, you get rid of the debt and create financial freedom for yourself.
And with more cash flow, you can also re-establish and rebuild your credit the right way. At Darrell Castle & Associates, we can help you with that by signing you up for our 7 Steps to a 720 credit restoration program. It’s free for our clients, and it truly is a priceless value.
You need an attorney you can get to know and trust; one who’ll walk and talk you through the process and see you out to the other side. My firm has been awarded multiple Client Distinction Awards from Martindale-Hubbel for client satisfaction because we do just that.
If you’re considering filing for bankruptcy or if you have any questions, call us at (901) 327-2100 to schedule a free consultation with one of our experienced Memphis bankruptcy attorneys.