If you’re unable to pay your bills, bankruptcy should be considered. Bankruptcy Lawyers in Wetumpka AL understand that everyone’s circumstances are different and will never judge you. Individuals who experience a divorce, illness, injury, loss of a job, or death of a loved one, can find themselves in a situation that bankruptcy can fix.
The legal and financial decisions an individual makes now will affect their future. A bankruptcy attorney will help an individual determine if Chapter 7 or Chapter 13 bankruptcy will work the best for their situation. No matter what type of situation an individual is currently in, a bankruptcy attorney will present the best options available for the client.
Chapter 13
If an individual has a lot of assets and a regular source of income, Chapter 13 bankruptcy is a great option to restructure their debt. In a Chapter 13 bankruptcy, payments on the debt are restructured, and payments will have to be made over a three to five-year period. When the payments are complete, the balance of the debt will be forgiven by the creditors, and the bankruptcy will be discharged.
Chapter 7
When an individual has a limited amount of income, limited equity in their home, and a lot of unsecured debt, Chapter 7 is worth considering. Chapter 7 is a complete liquidation of assets that are not exempt from the bankruptcy. This type of bankruptcy is considered a complete liquidation and can be discharged within three or four months after it has been filed.
Debts That Cannot Be Discharged In A Bankruptcy
There are several debts that cannot be discharged in a bankruptcy, such as a child support, alimony, spousal support, student loans, and certain taxes. It’s very important to discuss a financial situation with Bankruptcy Lawyers in Wetumpka AL before making a final decision.
Gaining the financial freedom, you need can be achieved through bankruptcy. Bankruptcy provides a legal way to eliminate debt, stop harassing telephone calls, and achieve financial freedom. You will never be judged for the amount of debt you have or why you’re unable to pay your bills.
Contact Courtney & Mann LLP to discuss your financial situation during a free consultation.
