Have you accumulated a substantial amount of debt and see no feasible way to pay it down? If you are struggling to make monthly payments, filing for bankruptcy can allow you the freedom from debt that you need to rebuild your finances and move forward with your life. In Alabama, individuals who do not possess sufficient income to repay creditors may qualify for the discharge of debts through Chapter 7 bankruptcy.
The decision to pursue a bankruptcy of any kind must not be taken lightly and every financial option should be taken into consideration. At Jaffe & Erdberg, P.C., we help clients to understand if a Chapter 7 bankruptcy is the right option for their situation. If you are seeking debt-reduction solutions and would like to learn more about your legal options, contact our Birmingham Chapter 7 bankruptcy lawyers.
Bankruptcy can help to eliminate issues including:
Are you ready to pursue a debt-free life? Call (205) 333-3333 and speak to an attorney today.
In a Chapter 7 bankruptcy, your unsecured debt such as car payments and credit cards will be discharged. In exchange, your assets will be subject to liquidation towards the goal of repaying your creditors. It is important to understand that not all debts will be erased in this way. Items such as child support, alimony, taxes, and student loans are generally not eligible for discharge under Chapter 7. If you decide that Chapter 7 is right for you, our attorneys can help you to structure your bankruptcy so that you hold on to as much of your property as possible.
This method is generally best for lower-income individuals and in order to qualify, a person must pass a “means test” examining their income-to-debt ratio. Individuals who make over a certain amount of money or can reasonably repay debts may not be eligible under this chapter. Past bankruptcies may also affect an applicant’s eligibility. Those who do not qualify may still be eligible under Chapter 13 bankruptcy.
If you are ready to remove the burden of debt, contact Jaffe & Erdberg, P.C. today. Our Birmingham Chapter 7 bankruptcy lawyers put clients first and can work to provide effective advocacy at each step of a bankruptcy and beyond. After your case has ended, you may still be left with many questions. For this reason, our firm has partnered with 720creditscore.com, a service which helps clients rebuild their credit after bankruptcy. We have handled thousands of cases and can help you to secure your financial freedom.
Questions about bankruptcy? Contact our firm and get the answers you need.