Getting Out of Debt Through Chapter 7
Chapter 7 Bankruptcy Lawyer Memphis TN
If you’re overwhelmed with debt you can’t pay, talk to the Chapter 7 bankruptcy lawyer Memphis TN has trusted for decades.
At Darrell Castle and Associates, you’ll receive award-winning client care at a very reasonable price.
From the minute you step into our office, you can tell we’re different. We care about our clients and your future, so we offer:
- free resources on life after bankruptcy
- a great program that helps you rebuild your credit to an A rating in one year, even after a bankruptcy, and
- a payment plan to help you file for zero down if you need to!
That’s right: we now offer a program that costs zero down to file! Your case may be filed now with no money down and financed for up to a year. If the price of bankruptcy concerns you, that option might solve your problem. Just call 901-327-2100 to see if you qualify.
As a Chapter 7 bankruptcy lawyer Memphis TN has trusted for over 30 years, I know how to help with your individual situation, and I’m happy to answer any questions you may have.
What Chapter 7 Bankruptcy Can Do for You
Bankruptcy offers a fresh start, and Chapter 7 bankruptcy comes with special advantages. It allows you to get rid of debts like credit card bills and medical debt without paying them back. And you can usually even keep property like your home and car, depending on the exemptions available in your state.
Chapter 7 bankruptcy stops:
- creditor harassment
- wage garnishment
- debt collection lawsuits against you
And if you can no longer make your house payments, but your home is impossible to sell because you owe more than its value, Chapter 7 can help you get rid of the mortgage debt.
Life After Chapter 7 Bankruptcy
At Darrell Castle & Associates, we believe bankruptcy can be the first step to a healthy financial future. We want our clients to succeed, and after 30 years we know how powerful a tool bankruptcy can be to make that happen.
To help, we offer a free report on Life After Bankruptcy. This report answers FAQs about how bankruptcy might affect your life, including how to rebuild your credit, get a house or car, and more.
We also give all of our clients free access to a credit course that helps you rebuild your credit. The short classes offer a step by step guide to raise your credit to a 720 in one year. That’s an A rating, even after bankruptcy.
What You Shouldn’t Believe About Chapter 7 Bankruptcy
If you are drowning in debt and can’t afford to pay your bills, you may be a good candidate for Chapter 7 bankruptcy. However, you may have heard certain untruths that are making you reluctant to get started. Here are a few common myths about Chapter 7 that you should not believe.
- Filing for Chapter 7 takes a long time. Unlike Chapter 13 bankruptcy, which typically takes three to five years to complete, Chapter 7 usually takes just four to six months to finalize. Once you fill out the paperwork, complete credit counseling and receive your discharge, you are all done. If the trustee needs more information, your creditors have questions or you are trying to discharge a student loan, however, the process could take longer than usual.
- You will lose your home. One of the reasons why some people are reluctant to file for Chapter 7 is because they assume they will lose their house. However, it is not a given that you will lose your home. In fact, as long as you are not behind on your mortgage payments and you do not have excess equity in your home, there is a good chance you will be able to keep your home.
- It will ruin your credit forever. It is true that your credit rating will take a hit initially after declaring Chapter 7. However, you can start the process of rebuilding your credit right away. If you can’t qualify for traditional credit right away, you should think about applying for a secured credit card, which requires you to deposit money. If you make your payments on time each month, you can improve your credit over time.
- Your bankruptcy trustee will judge you. When you file for Chapter 7, you will have to work with a bankruptcy trustee, who will review your bankruptcy petition and may sell your assets to pay your creditors. Some people worry that the trustee will judge them harshly for declaring bankruptcy. However, you must remember that this person is a professional and is not there to feel guilty.
- You will have to go to court frequently. This is not true either. In fact, if your case is straightforward and there are no complexities, you may never have to see a judge. Your bankruptcy lawyer will take care of everything.
Benefits of Filing Chapter 7 Bankruptcy Over Chapter 13 Bankruptcy
Individuals who are struggling to pay off their debt can either file Chapter 7 or Chapter 13 bankruptcy. Chapter 7 wipes out your unsecured debts while Chapter 13 requires a repayment plan. Here are some of the benefits of filing Chapter 7 bankruptcy.
- You don’t have a debt repayment plan. Unlike in Chapter 13 bankruptcy, you are not required to enter into a repayment plan. Once your unsecured debts have been discharged, that’s it. You don’t have to worry about making monthly payments anymore. Instead, you can focus on putting money away and improving your financial future. However, keep in mind that some debts can’t be discharged in bankruptcy, including student loans, taxes and child support.
- There are no limitations on the amount of debt. In order to qualify for Chapter 13 bankruptcy, your debt can’t exceed a certain amount. That is not how it works with Chapter 7 bankruptcy. This type of bankruptcy does not limit the amount of debt you can have.
- Chapter 7 bankruptcy is a fast process. It’s likely that you want to finish bankruptcy as quickly as possible. With Chapter 7, you can do just that. Chapter 7 bankruptcy can usually be completed in 60 to 90 days. Then, you can move on with your life. Chapter 13 bankruptcy, on the other hand, takes years to complete.
- You can keep your future income. After you declare Chapter 7 bankruptcy, you don’t have to worry about your creditors coming after your wages. They will be forbidden by law to garnish your wages. This can give you a big sigh of relief. You can use your paychecks to pay for rent, utilities, food and other necessities.
- You may keep your property. Some people are reluctant to file for Chapter 7 bankruptcy because they assume they will lose their home and other assets. However, certain assets are exempt from bankruptcy, so you may be able to hold onto most of your property.
- You may not have to appear in court. If you’re busy with work and family, you may not have time to go to court all the time. If you file for Chapter 7 bankruptcy, you might not have to. For the most part, those who file for Chapter 7 bankruptcy usually don’t have to appear in front of a judge.
Contact a Chapter 7 Bankruptcy Lawyer Memphis TN Trusts
As a Memphis Chapter 7 bankruptcy lawyer, I’ve helped thousands of people get out of debt. And I can help you too.
Maybe you don’t know if you need bankruptcy or if Chapter 7 is right for you. Or maybe you’re worried how it will affect your credit or who has to know if you filed. Fortunately, we have the answers. We’re happy to sit down with you at no charge and talk with you about the process and how it works.
To get started, contact me online or call. One of our attorneys would be glad to talk with you, free of charge.
Contact us today and with one quick call, you can speak with the Chapter 7 bankruptcy lawyer Memphis TN has turned to for decades.
What Do You Need to Know About Chapter 7 Bankruptcy?
If you’re struggling with debt and don’t see any way out, then filing for bankruptcy may be the best choice for you. The good news is that filing bankruptcy won’t necessarily ruin your credit score or your life – in fact, if you file chapter 7 bankruptcy, you’ll be eligible to keep all of your assets, including home equity and retirement accounts. However, not all bankruptcies are created equal; it’s crucial to learn about the most common questions about chapter 7 bankruptcy and its benefits before you make any important decisions about your future.
Will I Lose My Home?
One of the biggest concerns people have about bankruptcy is whether or not they will lose their home. The answer is usually no, but it depends on your particular situation. If you are current on your mortgage and continue to make payments, you should be able to keep your home. However, if you are behind on your payments, you may have to give up your home in a Chapter 7 bankruptcy. In order to qualify for Chapter 7 bankruptcy, you must meet the means test – this means that your income must be below a certain level based on where you live.
Can I Keep My Car?
In a Chapter 7 bankruptcy, you may be able to keep your car if you are current on your payments and the value of your car is less than the amount of your exemption. If you are behind on your payments or your car is worth more than the exemption, you may still be able to keep your car by reaffirming the debt. If you are unable to keep it, the car will then be transferred into the name of your trustee in bankruptcy. The trustee will take over any lease payments that are left, but they may not want to continue with a lease that has many years left on it.
How Long Does Bankruptcy Take?
The bankruptcy process can be very long and drawn out, taking months or even years to complete. However, if you file for Chapter 7 bankruptcy, the process can be much shorter. In most cases, you can expect to have your bankruptcy case resolved within six months. If it does take longer than this, then you will want to speak with an attorney about why it is taking so long. Generally speaking, Chapter 7 bankruptcy is a faster way of getting rid of debt than other forms of bankruptcy.
Why Is It Good to Choose Chapter 7 Over Chapter 13?
There are a few key reasons why you might want to choose Chapter 7 bankruptcy over Chapter 13. First, with Chapter 7, you can typically discharge your debts in as little as three to six months. Second, you don’t have to make any payments to your creditors during the bankruptcy process. Third, you can keep most of your property with Chapter 7 bankruptcy. Fourth, filing for Chapter 7 bankruptcy will stop wage garnishment and collection calls immediately. Fifth, after your debts are discharged, you will have a fresh start financially. Finally, filing for bankruptcy under Chapter 7 is less expensive than filing under Chapter 13.
Contact a chapter 7 bankruptcy attorney at Darrell Castle & Associates today for help!