How does Bankruptcy affect me?

bankruptcyBankruptcy allows one to either obtain a fresh start free from debt or re-organize and pay off certain debts and discharge other debts.

Chapter 7 bankruptcy allows a person to claim certain property as exempt property and discharge debts that exceed his ability to pay.In Alabama your exemptions are limited and you should consult a Bankruptcy attorney.

Chapter 13 bankruptcy is known as a wage earners plan and allows a worker to make payments for up to 60 months through the Bankruptcy Trustee.The Trustee, and Bankruptcy law determine the fair distribution of property to creditors. There are several types of personal bankruptcy, with two main types. There is Chapter 7 liquidation and Chapter 13 reorganization. The Chapter 7 bankruptcy liquidation is designed primarily for the individual whose assets and property are exempt from execution. Chapter 7 bankruptcy is used often to eliminate credit card debt, medical bills and other unsecured debt.In those cases the debtor will not be required to repay any of their unsecured debts. This process takes all physical property that is not exempt and converts it to cash and then pays the proceeds to the creditors. Once all notice to creditors and the bankruptcy law is complied with the debtor may be discharged from his debts.

A Chapter 13 reorganization attempts to repay the creditors through a Chapter 13 plan over 60 months or less.

A Chapter 11 may be used when a business goes into bankruptcy proceedings.You should consult with an Alabama Bankruptcy attorney or your family lawyer to determine if bankruptcy is a viable option.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Preparing for initial consultation

You will not need to bring anything for your initial free consultation.  It is helpful if you know what your monthly earnings have been for the previous six month period.  At your initial consultation, we will go over what you will need to provide in order to file for bankruptcy.  Be proactive, make an appointment and find out what options you may have.  Don’t wait until you have been sued, are in foreclosure or being garnished.  A free consultation can provide you with solid information to make financial decisions for you and your family.

Give us a call 256.614.4906 or contact us online.