Discharging Debt Lawyer in Memphis, TN 
If you’re struggling with debt and are unsure of which debt relief option makes the most sense for your unique financial situation, schedule a free consultation with a discharging debt lawyer Memphis, TN residents trust. The Law Offices of Darrell Castle & Associates, PLLC offers free consultations to anyone interested in receiving a no-cost, “no strings” case evaluation because we believe that everyone has the right to make an informed decision about their financial situation.
Before you arrive for your consultation, take a little time to gather some information about your income, expenses, and debts. Pulling a free copy of your credit report will be helpful, as will sketching out a rough idea of your income and household expenses. Once our firm has a decent sense of your unique financial situation, we’ll be able to provide you with personalized guidance regarding which debt relief options may make sense for you and your family.
When Is Filing for Bankruptcy a Good Idea?
The question of whether or not filing for bankruptcy is the right option for your financial situation is dependent upon the type of debts you’re dealing with, the value of the property you own, the amount of debt you owe, and how much you earn. In Tennessee, if you’re not a small business owner, you’ll either file (should you choose to) for Chapter 7 or Chapter 13 bankruptcy relief. Our firm’s Memphis, TN bankruptcy lawyer team can explain each of these options in detail and explore whether either one is a good fit for your situation.
Generally speaking, if most of your debt is “unsecured,” bankruptcy may be an excellent fit for your situation. “Secured debt” is debt tied to collateral. Home loans, car loans, and installment agreements for the purchase of furniture, recreational vehicles, etc. are all secured by the property being purchased. In secured debt scenarios, if you default on your payments, your lender can repossess your home, car, couch, RV, or whatever property “secures” your loan. By contrast, credit card debt, medical bills, etc. are unsecured because the party you owe can’t generally repossess your property as a means of collecting on your debt. If most of your debt is unsecured, bankruptcy could work for you. Why? A successful bankruptcy process will result in the discharge of your eligible unsecured debt. If you’re eligible for Chapter 7 bankruptcy relief, your debts could be discharged in as little as 90 days. If you’re not eligible for Chapter 7 relief, you can file for Chapter 13 bankruptcy and make manageable payments on this debt over 3-5 years. At the end of this period, any remaining eligible debt will be discharged. In both cases, filing for bankruptcy will halt collections actions, creditor harassment, wage garnishments, and other numerous challenges associated with overdue debt.
Legal Assistance Is Available
Filing for bankruptcy isn’t the best debt management approach for every situation. However, this process can be life-changing if it is a good fit for your circumstances. Schedule a free consultation with our firm’s Memphis, TN discharging debt lawyer to learn more.