When harassment by creditors gets out of control, and there is no way to resolve the issue, it may be time to consult with Bankruptcy Lawyers in Wetumpka, AL to see what options are available to help with the problem. Bankruptcy doesn’t necessarily mean the end of a good life, quite the contrary, it can be the beginning of a fresh start. The attorneys at Courtney & Mann LLP are happy to provide a free consultation to determine eligibility and to see if bankruptcy is the right option for you.
Using a Lawyer to File for Bankruptcy
When an individual considers filing for bankruptcy, they must first meet the qualifications and requirements to do so. A consultation with Bankruptcy Lawyers in Wetumpka, AL can determine one’s eligibility on a case-to-case basis. A bankruptcy lawyer can provide a client with legal representation and file the necessary paperwork. When a case has been entered into the court system, creditors will no longer be able to threaten or harass an individual while the case is pending.
Choosing Chapter 7 or Chapter 13
Most individuals will select from Chapter 7 or Chapter 13 when filing for bankruptcy, depending on the number of personal assets that are owned and how much of them they are willing to take a chance on losing during the process. For people with minimal assets, Chapter 7 offers a fast resolution to wipe a debt clean. For people with large assets, Chapter 13 may be the better option since it allows for restructuring to pay back a debt.
Chapter 7 Bankruptcy
Once qualified for Chapter 7, a court will appoint a trustee to sell off any nonexempt assets that an individual possesses to pay back creditors. In most instances, an individual can retain possession of a home, car, and personal items. After any nonexempt assets have been sold off, the rest of the debt is wiped clean and creditors can no longer attempt to collect on them.
Chapter 13 Bankruptcy
Chapter 13 is used when one wishes to retain possession of their assets. The court will set up a repayment schedule for the debt so that an individual can clear it out within a 3 – 5 year period.
Bankruptcy is not the answer for everyone, but it can offer a permanent solution when no other option is viable. For more information, consult with a bankruptcy attorney.
