Get A Fresh Start With The Help Of A Chapter 7 Bankruptcy Attorney In Wetumpka, AL

Bankruptcy is a legal option for any individual who is having difficulty paying their bills and wants to be free of debt. An individual who has limited assets can benefit by filing Chapter 7 bankruptcy. With the help of a Chapter 7 Bankruptcy Attorney in Wetumpka AL, an individual can be debt free within three or four months.

If an individual owns the property and does not have much equity in the property, they might be able to keep it. The payments on the property must be current. This is something that should be discussed with the bankruptcy attorney during a consultation.

Chapter 7 Or Chapter 13 Bankruptcy?

The best way to determine which type of bankruptcy to file is by scheduling a free consultation with a bankruptcy attorney. This type of consultation can be done by telephone or in person. This is a great way for an individual to determine if filing bankruptcy is an option and which type of bankruptcy the individual qualifies to file.

Who Can Use Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is generally used when an individual has a regular source of income, a lot of equity property they want to keep, and when the individual wants to dispose of certain property and keep the others. Chapter 13 can stop a foreclosure or repossession.

The Difference Between Chapter 13 and Chapter 7 Bankruptcy

Chapter 13 bankruptcy is a reorganization of an individual’s debt that the individual will have to pay over a three- to five-year repayment plan. Once the payments are completed, the bankruptcy will be discharged and the balance of the debt forgiven. Chapter 7 bankruptcy is a clean start and doesn’t require repayment of debt and is completed within three to four months.

Some Debts Not Erased

Whether individuals file for Chapter 7 or Chapter 13 bankruptcy, certain debts will not be forgiven. These debts include child support, spousal support, certain taxes, and other minor debts. An individual should discuss all of their debts with a Chapter 7 Bankruptcy Attorney in Wetumpka AL.

If you’re looking for an experienced bankruptcy attorney who will help you make sound decisions, contact Courtney & Mann LLP. They have years of experience helping individuals through the bankruptcy process.

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