If your debt is out of control and you cannot afford to pay your creditors, it is vital that you forge a new path. Let the Montgomery bankruptcy lawyers at The Sellers Law Firm show you the path to financial freedom! For many, a Chapter 7 bankruptcy can be the answer to their financial troubles. This federally regulated option can help you avoid the repercussions of unpaid debt and start rebuilding your credit record almost instantly. Only a bankruptcy can provide you with a federal court order to protect you from your creditors! An experienced bankruptcy lawyer like those at The Sellers Law Firm can help you determine if this is the answer to balancing your accounts. Our goal is to give you honest, straight forward representation in which we explain your options and give you the most precise answers to the many questions that you may have. We want every client to know what to expect if they file a Chapter 7. It is imperative to us that each client knows what happens through every step!What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?
One of the first questions you need to answer before filing for bankruptcy is whether you should file for Chapter 7 bankruptcy or Chapter 13 debt consolidation. You might have heard Chapter 7 referred to as a "fresh start" or a "straight" bankruptcy. This is because it clears most debts within a few months from the start of the process. On the other hand, a Chapter 13 debt consolidation utilizes monthly payment plans over the course of several years before debts can be discharged. In a Chapter 7 bankruptcy, all court costs and attorney fees are paid at the beginning of the case. For this reason, many people chose to start a Chapter 13 debt consolidation because the attorney fees and court costs are paid over a period of time. Also, only 10-15% of cases filed in Montgomery, Alabama are a Chapter 7 bankruptcy. This will never mean that we don’t explore the option of a Chapter 7; it just means that our Montgomery bankruptcy lawyers look at every option available to you including the possibility of not filing a bankruptcy at all. We believe that there is no such thing as ever giving a client too much information!
Some people opt for Chapter 13 to retain ownership of properties considered non-exempt by bankruptcy laws. Most people who file a Chapter 7 bankruptcy can keep all of their belongings. However, under Alabama law, you can only keep up to $15,000 in equity in real estate and a married couple can keep $30,000 in equity. Please remember that this is not the value of the real estate, but the equity in the real estate! If your home and car payments are current, you might find that this faster option is a viable choice for your financial health.What can I Claim With a Chapter 7 Bankruptcy?
Your credit report is used by lenders to determine your ability to pay your debtors. With a bankruptcy, you can have the negative items removed and start rebuilding your credit almost instantly. You can eliminate the following:
- Old utility bills
- Medical bills
- Credit cards
- Unsecured debt
- Charge offs
In addition to cleaning up your credit report, filing for bankruptcy provides other benefits. If your credit woes have creditors and collection agencies calling daily, contacting you at work or calling your family, then you can eliminate these troubling contacts for good. Once your bankruptcy is processed, you will no longer be subject to a wage garnishment either!
If you are tired of being harassed by creditors and falling further behind on your bills, it is time to take a proactive stance. Speaking to an experienced bankruptcy lawyer is the first step in reclaiming your life and financial health.
For many years, we would hear our clients state, “I wish you had an office near me.” At The Sellers Law Firm, we answered the “near me” question by creating offices in Montgomery, Selma, Greenville and Troy. Contact our Montgomery bankruptcy lawyers today for a free consultation which we can usually schedule within 24 hours. Call 334-LAWYERS (334-529-9377) to begin repairing your finances. You may also contact the lawyers in our other locations! Our phones are answered 24 hours a day and every consultation is always free! You may also use “text us” link or the Contact Us form below. Remember that doing nothing changes nothing! You may also reach us by sending us a message on Facebook or sending us an email at firstname.lastname@example.org!