Should a person in Pell City, Alabama file for bankruptcy if they are in debt?

Being in debt is stressful and while many who fall into a financial rut are looking for a quick and easy fix, bankruptcy isn’t always the answer. Before a person considers filing for bankruptcy in Alabama, they need to understand what the process entails and gather as much information as possible.

An individual can schedule an initial consultation with a Pell City, AL bankruptcy lawyer if they think bankruptcy might be a suitable option for them to get a handle on their debt.

When Debt is Manageable

If an individual were to add up all of their debt and find that they may be able to repay what is owed without having to file for bankruptcy, then they should first consider the options that can help them become debt-free. For instance, a person might apply for a debt consolidation loan or set up repayment plans with each of their creditors in order to satisfy the debts that are owed.

The fact is, once a person files for bankruptcy, it will remain on their record for several years and will have a negative impact on their credit report.

Now, even if an individual thinks their debt is manageable, they should still schedule a time to speak with an experienced bankruptcy attorney in Pell City as they can help them make an informed decision as to whether they should consider filing for bankruptcy or if they stand a better chance at getting their debt settled using other methods.

When Debt is Unmanageable

If an individual in Alabama is drowning in debt and is either at risk of being sued or has already been sued by creditors, a Pell City bankruptcy lawyer can assess their circumstances and determine if they would be a good candidate for bankruptcy.

When a creditor files a lawsuit against a debtor, they could potentially come after certain assets in order to obtain the money that is owed. The last thing a person wants or needs is to have their property taken to satisfy a debt.

With that said, if an individual has accrued a substantial amount of debt and isn’t sure of how to best handle the situation, a bankruptcy attorney at Hill, Gossett, Kemp & Hufford, P.C. would be happy to sit down with them and explain all available options.

Disclaimer: No representation is made that quality of legal services provided is greater than the quality of legal services provided by other attorneys.

Hill, Gossett, Kemp & Hufford, P.C. can be reached at:

Moody Office

2603 Moody Parkway, Suite 200

Moody, Alabama 35004

Phone: (205) 640-2000

Website: www.hwhlawgroup.com

Leeds Office

7900 Parkway Drive

Leeds, AL 35094

Phone: (205) 699-5500

Springville Office

6441 U.S. Highway 11