For debt-straddled Alabamians whose income is too great to allow them to qualify for Chapter 7 liquidation, there remains the option of filing for Chapter 13 reorganization bankruptcy. Declaring Chapter 13 doesn’t immediately discharge your debts, but it doesn’t require you to sell your assets either. When you file for Chapter 13 bankruptcy, you are requesting that your debt payments be reorganized over a three to five year period in a way that satisfies your creditors.
Alabama Chapter 13 Bankruptcy Lawyer
Successfully filing Chapter 13 bankruptcy allows you to:
- Prevent your home from being foreclosed upon
- Get current with vehicle and house payments
- Make payments on federal or state taxes you may owe
- Retain possession of your possessions
As long as you make your payments in a timely fashion, once the repayment period concludes, you can expect that any debt remaining at that time will be discharged (except, of course, for non-dischargeable debt such as student loans). The size of your monthly payments is based on a number of variables, the most important of which is your disposable income. When filing Chapter 13, you are required to pay creditors no less than you would have under the terms of a Chapter 7 liquidation. If you have a house, a vehicle, or other secured assets which you want to protect when filing for bankruptcy, schedule a consultation with an exceptional Alabama Chapter 13 lawyer as soon as possible.
Immediately Ends the Harassment & Garnishments
As soon as you file for Chapter 13 or any other bankruptcy, creditors are no longer allowed to contact you except through the bankruptcy court. In addition, any garnishments to which you are currently subjected will be halted. Furthermore, declaring Chapter 13 permits you to discharge certain debts that are considered to be non-dischargeable when filing for Chapter 7.
Call Sadberry Law Office, LLC, at (205) 310-6705 to speak with a dedicated Bankruptcy Attorney
Let an informed Alabama Chapter 13 attorney answer your questions about what you can expect when filing for reorganization of your debt payments in bankruptcy court. If another means of debt relief might be preferable (including filing for Chapter 7), I’ll let you know. Regardless of what path you ultimately choose, I’ll do everything in my power to help you and your family move toward a better financial future. Call me today to schedule an appointment.