If you are struggling with debt and feel as if you are running out of options, you may want to talk with a Memphis TN bankruptcy lawyer. At Darrell Castle and Associates, PLLP, we have helped hundreds of clients with debt solutions, enabling them to start fresh and get back on track to financial security.
How Can a Memphis TN Bankruptcy Lawyer Assist?
When a person is having a hard time paying their bills, there are certain issues that come up indicate bankruptcy may be an option that will help solve the financial dilemma they find themselves in. These issues include:
- Wage garnishment: This is where a creditor gets permission from the courts to garnish your paycheck in order to pay what you owe them. A creditor can garnish up to 25 percent of your pay. A skilled Memphis TN bankruptcy lawyer knows that by filing bankruptcy, a hold is put on the wage garnishment and your entire paycheck goes to you.
- Vehicle repossession: When you take a loan out for a vehicle, that vehicle is collateral for the loan. This means if you fall behind, the bank or finance company can come and take possession of the vehicle. If you are unable to work out an agreement with the company, then filing for bankruptcy can stop the repossession and, depending on what type of bankruptcy you file, you may even be able to keep the vehicle under a new payment plan.
- Foreclosure: Just like a car loan, the collateral for your mortgage is your home. If your mortgage company is threatening foreclosure or has already begun the foreclosure process, a Memphis TN bankruptcy lawyer can help stop that foreclosure by preparing a chapter 13 filing for you.
There are several different types of bankruptcies, but the majority of personal bankruptcy cases are either Chapter 7 or Chapter 13. Your bankruptcy lawyer can help you decide which type if the right one for your situation.
- Chapter 7 bankruptcy discharges all of your unsecured debt, as well as liquidate nonexempt assets. Your bankruptcy lawyer can help you determine if you have any assets that could be exempt. A Chapter 7 bankruptcy truly offers a fresh start because once the process is complete, you are truly debt free.
- Chapter 13 bankruptcy also enables people to get out of debt, but instead of discharging debt, a repayment plan is established that will work within your budget. This plan allows you to get back on track while also paying down your debt.
When You Need a Bankruptcy Lawyer Memphis TN Clients Trust
If you would like to speak with a Memphis bankruptcy lawyer from Darrell Castle and Associates, PLLP and learn more about your bankruptcy options, call our office today. Our firm has an A+ rating from the Better Business Bureau and a five-star rating from Avvo. Our firm has also been the recipient of Martindale-Hubbell’s Client Distinction Award. We would be happy to meet and discuss your legal options.
Contact a Memphis TN bankruptcy lawyer from Darrell Castle and Associates, PLLP today at 901-327-2100 to set an appointment for a free consultation.