Are You in a Bankruptcy Situation?
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Many people are unclear about the differences between a Chapter 7 and Chapter 13 bankruptcy.
However, we cannot predict what will happen to your case specifically and so it is imperative that you consult a stellar bankruptcy legal pro in order to assess your options prior to filing for bankruptcy. At USAttorneys.com we make the task of finding the best legal experts to handle your bankruptcy issues easy.
This is because we cut out the glittering mess you see in a normal search engine search and we get down to the brass tacks. In this righteous and critical pursuit, we make it very simple for anyone trying to find a legal counselor in any dozens of legal arenas. We give people a name and with one click you can see their contact information and website and so on. We know you have enough things to think about, we make this process simple so you can find the legal help you need in tranquility.
Chapter 7 bankruptcy – simplified
Chapter 7 bankruptcy is what is also referred to as a “fresh start” bankruptcy case. Usually, these cases can take up to 3 or 4 months to be discharged and in such a case, all of your unsecured debts (like credit card bills, medical bills, etc) will be cleared and your slate will be wiped clean.
However, debts with secured creditors such as home loans, car loans will either have to be reaffirmed or you can also choose to give up ownership of the property or security in question and will then become possession of the creditors.
For the most part, Chapter 7 is not something which is easy to qualify for. For understandable reasons everyone will want all their unsecured debts cleared. When you file for Chapter 7 bankruptcy a court appointed trustee will review your assets and debts.
In Alabama, homestead exemptions can be up to $15,000 and personal property exemptions can be up to $7,500. However, if the value of your property is greater than the value of your debts, then the trustee can liquidate your property in order to pay off the creditors in question.
Chapter 13 bankruptcy – simplified
This kind of bankruptcy is one which is not a fresh start, but instead offers the person filing a more feasible and convenient repayment plan. You may have to repay all of your debts or a specified portion of your debts. However, you will get to keep your property in Chapter 13 bankruptcy cases.
Typically, Chapter 13 cases involve repayment schemes with reduced interest rates, increased repayment time frames, reduced monthly installments on secured loans.
The pros and cons of Chapter 13 bankruptcy cases are as follows:
- You get to keep your house
- You get to keep your car
- You can pay your attorney fees through the payment plan and not up front
- Stops civil lawsuit and garnishments
- Lowered interest rates
- Lowered monthly installments
- You get longer to repay the loan\s
- You may only have to repay a certain portion of the loan\s
- If you fail to make even the re-planned Chapter 13 payments, then your creditors will be allowed to liquidate or take possession of your car, house, and so forth.
- You should complete all payments under your plan to acquire a discharge of your debts.
- Pending student loans, child support payments, alimony, etc. cannot be discharged
Securing a legal representative
If you are in a bad financial state, we can help you file for bankruptcy and help you acquire some relief. The Alabama bankruptcy lawyers listed on USAttorneys.com have plenty of experience and have successfully filed for bankruptcy for many of their clients.
They know this domain and their service pays for itself. You can find them on Local Lawyers Directory Search which is on the home page of this site. With just a few clicks and keystrokes, you can find a legal pro for you.
You can also use our interactive map to find a legal counselor which is right above this page. If you have any questions you can use the online chat form or the contact form to send us your information. We will call you back within a couple of hours depending on the day.
We know you are smacked into a corner. Your options are limited at this point but you still have so much to lose. Let’s start on this process and make sure you come out as close to being unscathed as possible.