Bankruptcy is something that most people think could never happen to them. It is not just a matter of being reckless with your money that lands people in a situation where bankruptcy is needed. Good people who are responsible with their finances can land in trouble due to a variety of circumstances. If you find yourself stuck under significant debt with seemingly no way to catch up, contact a qualified attorney today.
There are generally two types of bankruptcy filings that can benefit individuals that are in financial distress. They are –
Chapter 7 – When filing for Chapter 7 bankruptcy in Alabama, an individual is seeking for complete relief from their debts. If the request is approved, all debt could be wiped away in as little as 90 days. This is a significant event in your life, however, and will create challenges when trying to make purchases or get credit later on. This option should only be taken when other avenues of resolution have been exhausted.
Chapter 13 – This is the less severe of the two options, and basically creates a situation where your finances can be reorganized and a payment plan created. By adhering to the payment plan developed by the court, you can get out from under your debts in just a few years. This is a great way to get the collection calls to stop and give you a chance to work back to financial stability.
In order to file for bankruptcy successfully you will want to enlist the help of an experience attorney that has worked on Alabama bankruptcy cases previously. Ted Williams has that experience and will bring it to your assistance. Give us a call for a free consultation soon – we are here to help.