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
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
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.
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