Almost everyone carries some personal debt in this country. Whether it be mortgages, car loans, credit cards, or other debt, most people make every effort possible to keep up with these payments. Unfortunately, various events can occur that can cause people to get behind on these payments. Before long, they may feel as though they cannot afford to keep up with everything. Fortunately, there are options. A Chapter 13 Bankruptcy Attorney in Tallassee, AL can help.
Is Bankruptcy the Best Option
Bankruptcy is not the best option for everyone. If it is possible to make arrangements with creditors to pay down the debt, that is the best option. However, this is not always possible for everyone. In these situations, bankruptcy can provide relief from debt that has become overwhelming and is impacting a person’s ability to afford to live. A Chapter 13 Bankruptcy Attorney in Tallassee, AL can help people determine if this is the best option for their situation.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a legal filing to allow consumers to reorganize their debt. All of their income is reviewed and an affordable payment plan is established through the court system. This plan allows consumers to pay off their debt in three to five years of payments. At the end of this period, the remaining debt may be dismissed. This can be a complicated process that requires complete accuracy. An attorney can be beneficial in ensuring that this process is done properly and error-free.
Chapter 7 Bankruptcy
Another bankruptcy option is chapter 7 bankruptcy. This type of bankruptcy is for those with little or no income. This legal proceeding allows consumers who are below a certain income level to find relief from overwhelming debt. Any non-exempt property will be sold to provide payments to all of the creditors. Any remaining debt will be discharged at the end of the proceedings. Since there are limitations to this type of bankruptcy, an attorney can help consumers navigate this process.
Each person who files for bankruptcy must complete a credit counseling course. Once the process is complete, consumers are able to begin again with a clean slate. This provides an opportunity to rebuild their financial future on more stable grounds. The attorneys at Courtney & Mann LLP can provide valuable information about the bankruptcy process. Visit their page on Facebook.
