Bankruptcy is sometimes the only option available whenever someone is no longer able to pay their bills. Often times the debt to income ratio is not the fault of the individual considering bankruptcy. After the loss of a job, divorce or serious illness, the income previously received cannot be obtained any longer. Chapter 7 bankruptcy is connected to an individual’s ability to repay their debt. Chapter 7 bankruptcy also gives an individual the opportunity to discharge their debt with a few exceptions. A trustee is appointed to the bankruptcy and they are in charge of liquidating all of the assets in order to pay the outstanding debt.
The best way to determine if bankruptcy will work for your situation is to visit a chapter 7 bankruptcy attorney in Prattville, AL. They can evaluate the income to debt and determine if this type of bankruptcy will work for a particular situation. An attorney does not judge an individual because they need to file bankruptcy. They are there to assist individuals in getting back on their feet financially and stopping harassing creditor calls. Bankruptcy gives an individual the opportunity to start a clean slate financially and start over again.
A chapter 7 bankruptcy attorney in Prattville, AL can complete all the necessary legal filings to complete the bankruptcy process successfully. There are exemptions to a chapter 7 bankruptcy that an attorney can discuss with someone at the time of their initial consultation. If someone is already behind on their mortgage payments or car loan, chapter 7 is not usually a good choice to make. The reason is because this type of bankruptcy cannot eliminate the mortgage or car creditors to take the property to cover the debt. Debts such as child support, alimony, student loans and certain taxes cannot be discharged during bankruptcy proceedings. It’s important to list all debts in the bankruptcy papers to eliminate being responsible for those debts when the bankruptcy is completed.
Once bankruptcy is filed, an individual cannot file for a chapter 7 bankruptcy again for 6 years. If you’re drowning in debt and don’t know where to go for help, contact David Weston, Attorney At Law.
