When an individual is having difficulty paying their bills, are behind on their mortgage or car payment, or can’t manage to pay their bills, bankruptcy might be an option to gain the financial freedom they need. Individuals develop financial problems for a variety of reasons, including the loss of a job, an illness, injury, or divorce. Financial problems can lead to a very stressful situation that a Bankruptcy Attorney in Wetumpka AL can help with.
Stopping Foreclosure And Harassing Telephone Calls
Once a bankruptcy is filed, harassing telephone calls and foreclosure will stop. Losing a place to live is a very stressful situation, and bankruptcy permits an individual to discuss their financial situation with an experienced bankruptcy attorney. Depending on the equity in a home, an individual might be able to keep their home or might be required to sell it.
Types Of Bankruptcy
During a consultation with a Bankruptcy Attorney in Wetumpka AL, the type of bankruptcy an individual can file will be determined. An individual can file for Chapter 7 or Chapter 13 bankruptcy. These two bankruptcies are very different, and the attorney can thoroughly explain the differences.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a complete liquidation of assets that are not excluded in the exemptions that are allowed. A trustee will be appointed to inventory and sell assets that are not excluded to pay off the creditors. This type of bankruptcy can offer the financial freedom and individual needs and can be completed in just a few months.
Chapter 13 Bankruptcy
This type of bankruptcy is ideal for individuals who have a regular source of income and a lot of assets. Chapter 13 bankruptcy includes a reorganization of the debt and a three to five-year repayment program. When the payments are complete, the balance of the debt will be eliminated.
If you’ve been struggling to pay your bills and don’t see the situation improving anytime soon, a call to Courtney & Mann LLP is necessary. An attorney will not judge an individual for a reason they’re unable to pay their bills and is only concerned about helping them gain the financial freedom they need.