Memphis TN bankruptcy lawyer 

Memphis TN bankruptcy lawyer 

Filing for bankruptcy can be incredibly intimidating. If you or someone you care about is struggling, you need to contact a Memphis, Tennessee bankruptcy lawyer from Darrell Castle and Associates, PLLC right away. Your lawyer will be able to give you advice on whether or not filing for bankruptcy is the right option for you and how to begin moving forward. Regardless of what you choose to do, speaking with a lawyer will give you the clarity you need to get your debt under control and your life back on track. 

What Type of Bankruptcy Should You File For? 

Typically, when an individual is considering filing for bankruptcy, they are looking at either Chapter 7 bankruptcy or Chapter 13 bankruptcy. Chapter 7 bankruptcy is typically chosen if you need to be completely debt free, while Chapter 13 is picked if you want to try to repay your debts with a payment plan. Chapter 13 bankruptcy is the way to go if you want to keep most of your assets and come up with a payment plan that you can realistically afford to pay off. Chapter 7 will free you from much of your debt, but you will also need to liquidate many of your assets and it will take longer to build your credit back after filing for Chapter 7. You should always speak with a Memphis, TN bankruptcy lawyer from Darrell Castle and Associates, PLLC before making any big decisions. We will be able to go into great detail about what each type of filing will look like for you. 

Will Filing for Bankruptcy Ruin Your Life? 

Absolutely not. Filing for bankruptcy has a lot of stigmas and judgments tied to it, but sometimes it is the best option for someone who has been down on their luck and just wants to get their life back. It is normal to have some concerns about filing, as it should not be a choice made lightly, but filing for bankruptcy can be a new beginning for people. 

What Should You Try Before Filing for Bankruptcy? 

Some helpful things people can do before choosing to file for bankruptcy is trying to work out a payment plan with creditors and sticking to a strict budget that will allow you to do so. It is very important to see where all of your money is going and try to ensure that your debts are being paid off at a steady rate. The more in tune you are with how much you owe, the better your chances are of getting out of this difficult situation. 

Contact a Bankruptcy Lawyer in Tennessee Right Away

Do not hesitate to reach out to a bankruptcy lawyer from Darrell Castle and Associates, PLLC as soon as you think you may need help. It is better to get on top of things quickly, rather than waiting to see if they can be figured out. This will give you more options and power to choose which route is best for you and your family. One of our experienced lawyers will be happy to go over the details of your finances and help you figure out what the best option moving forward is.

Things You Should Do Before Filing for Bankruptcy

If you’re thinking about filing for bankruptcy, you should speak to a Memphis TN bankruptcy lawyer first. Being in debt is stressful and if you don’t know bankruptcy law, it can be intimidating and confusing deciding what to do. Having someone that is knowledgeable and experienced on your side can make all the difference. Call Darrell Castle and Associates, PLLC today to set up a free confidential consultation with our lawyers. We will clarify your legal options and next steps. 

Although bankruptcy gives you a financial fresh start, it will negatively affect your credit in the beginning. Here are some important steps to take before you file for bankruptcy. 

Collect Your Financial Documents | The first step you need to take is gathering all of your important financial documents. Ideally you will organize them and put them in one place so they are easily accessible. These documents should include applicable bank statements, tax returns, credit card statements, mortgage statements, loan documents, and collection letters.

Speak with a Lawyer | Declaring bankruptcy is just one option if you are in debt. A knowledgeable bankruptcy lawyer can assess your current financial situation and determine if bankruptcy is the best option for you, and if so, what kind of bankruptcy to declare. 

Recognize That Bankruptcy is a Process | The pressure of debt is stressful. Collectors may be aggressively calling you frequently and you may be having a hard time paying for basic necessities. While it would be ideal if you could simply file for bankruptcy and be done, it’s unfortunately not the way it works. Chapter 7 bankruptcy typically takes between four and six months to complete as a court identifies what assets to liquidate and what debts will be repaid. And Chapter 13 bankruptcy can take even longer – between three and five years to complete – since you are completing a repayment plan. Patience is a must. 

Ensure Cash is Available | When you file for bankruptcy, your bank may freeze the funds in your account and leave you without access to money. Eventually your bank will unfreeze the funds, but it can take time. To ensure that you can continue to purchase necessities such as groceries, gas, and bills, you should take out cash ahead of time. An experienced Memphis TN bankruptcy lawyer from a firm like Darrell Castle and Associates, PLLC can answer questions about the process so you understand how much money you will need in the interim. 

Take a Credit Counseling Course | As part of the bankruptcy process you will need to complete a credit counseling course. This typically needs to take place before you file for bankruptcy. These courses are offered online or in person and you can usually finish them fairly quickly. Upon completion, the company you took the course through will send you a certificate that demonstrates you took the course. 

Develop a Budget | To avoid finding yourself in financial trouble again in the future, you should look at your current expenses and develop a budget for going forward. Credit counseling courses can help you understand how to develop a budget, but if you need additional assistance, there are non-profit organizations and companies that can assist you. 

Don’t wait. If you want a Memphis, TN bankruptcy lawyer that will represent your best interests, call Darrell Castle and Associates, PLLC now.