When it seems that the only phone calls you get are from debt collectors and you hate to get the mail because you know the box is full of bills you can’t pay, it might be time to consider bankruptcy. Bankruptcy will stop the harassing phone calls and give you a chance for a fresh start. Depending on the type of bankruptcy that is best for your situation, you’ll rid yourself of the debt that and give yourself a chance to get back on your feet. There are two basic types of bankruptcy that most individuals file for, Chapter 7 or Chapter 13. To determine what is the best option for you, it’s a good idea to speak with a bankruptcy lawyer in Wetumpka, AL. He’ll be able to give you advice and help you navigate through the sometimes confusing legal aspects of bankruptcy.
If you have no assets to speak of, little money in the bank and no way to repay the majority of your debts, your bankruptcy lawyer in Wetumpka, AL will most likely suggest that you file Chapter 7 Bankruptcy. This type of bankruptcy will discharge your debts immediately, after going to court and seeing the judge, with your attorney by your side. It’s a fast process and because your attorney will have submitted all the paperwork prior to your hearing, you should be in and out within a matter of minutes. Your debts will be gone and you’ll start with a clean slate.
A Chapter 13 bankruptcy is for individuals who do have some assets they would prefer to keep and have means to repay a portion of their debts. You, along with your bankruptcy lawyer in Wetumpka, AL, will make a repayment plan that will last 3 – 5 years. You may only repay pennies on the dollar of your debts, but when you complete your payments, the remainder of your debts will be discharged. The judge has to approve the paperwork and your monthly payments will be made to a trustee assigned to your case, but with your attorney by your side, it should progress smoothly. The debt collectors will stop calling and you can start to rebuild your life.
Hiring an attorney to help with filing bankruptcy is a good idea. You know that he’ll advise you of the best way to proceed and make sure you make the best decisions for your specific situation.
Seek the help of bankruptcy lawyer at while filing for Bankruptcy.