With the current state of the economy, so many people have lost jobs, lost their homes and their finances are in ruin. If you are in hard times in Alabama and Georgia, I can help you with two different bankruptcy options: Chapter 7 and Chapter 13 bankruptcy.
Here are some of the important differences between filing a Chapter 7 vs. a Chapter 13 bankruptcy. Together, we can figure out what would work best for your situation.
Filing a Chapter 7 bankruptcy will wipe out all of your debt, except for things such as student loans, taxes, child support and alimony. Not only can you wipe out your debts by filing Chapter 7 bankruptcy, you normally can also keep all of your property including your car, your house, savings and retirement accounts. Specifically, you are able to keep property that has no equity and “exempt property.” Chapter 7 lasts about 4 months, during which time you make no payments to the Court and all your debt is wiped out. There are certain requirements that allow an individual to file a Chapter 7 bankruptcy, and in cases where those requirements aren’t met, Chapter 13 bankruptcy is an option.
Chapter 13 allows people with a steady income to keep property, like a mortgaged house or a car, which they otherwise might lose. Filing a Chapter 13 bankruptcy will allow you to place most of your debt into a repayment plan that you will pay off anywhere from three to five years. During that time, you will make reasonable monthly payments to a Chapter 13 Trustee who redistributes the money to your creditors. The amount of the monthly payment depends on how much you earn, the amount and types of debt you owe and how much property you own.
Don’t let the stress of your financial situation affect you negatively any longer. By speaking with a professional and experienced Opelika Chapter 7 Bankruptcy attorney who understands your specific situation, you can find the right solution for your finances.
With Chapter 13 and Chapter 7 bankruptcy as an option, you can start a new life today. Give our Alabama & Georgia Bankruptcy Attorneys a call to set up a free, no-obligation consultation. Take the initiative and don’t delay another day. With offices in Opelika, AL, Dothan, AL and Columbus, GA we can give you the resolutions you need.