Part 4

Memphis, Shelby County and the surrounding area have been known as a “bankruptcy capital” for as long as I can remember. I noted over the years I have been doing property research that some people are multiple offenders when It comes to filing bankruptcy. That would mainly be chapter thirteen bankruptcies where the court reorganizes your debts and you still pay your creditors, just at a lower amount. I don’t know how many times you can file this type of bankruptcy but I have seen where some people would file for chapter thirteen one year after another. And then eventually go ahead file for chapter seven which wipes out their debt.
The public needs to educate themselves on their finances and learn from past financial mistakes. When you sign a document making a financial commitment, know what you are signing. And never be afraid or in too much of a hurry to ask questions. Almost everyone wants a home of their own, but does it have to be the biggest house on the block? It would be a wise idea to learn from generation that grew up during the Depression who saved and bought what they could afford.