PRACTICE OVERVIEW
Chapter 7 Bankruptcy:
A Fresh Start for Your Financial Future
Facing financial difficulties can be overwhelming, but Chapter 7 bankruptcy offers a pathway to relief for many residents in Alabama.
Often called liquidation bankruptcy, Chapter 7 is designed to provide a clean slate by discharging most types of unsecured debt. This includes credit card balances, medical bills, and personal loans, allowing you to move forward without these financial burdens.
Choosing the right Alabama bankruptcy lawyers is crucial when you’re considering filing for Chapter 7 bankruptcy.
Basics of Chapter 7 Bankruptcy
Chapter 7 bankruptcy allows for the sale of non-exempt assets by a bankruptcy trustee. Proceeds from those sales are then distributed to creditors. However, it’s important to note that there are exemptions that protect certain assets up to a certain value. This means that in many cases, individuals can go through the process without losing their primary residence or vehicle.
Eligibility for Chapter 7 bankruptcy in Alabama requires passing the “means test,” which compares your income to the median income for a household of your size in Alabama. If your income is below this median, you qualify for Chapter 7. If not, you might still qualify based on further detailed analysis of your financial situation.
Why You Should Consult a Chapter 7 Bankruptcy Lawyer
Navigating bankruptcy can be complex and challenging, making the guidance of a knowledgeable Chapter 7 bankruptcy lawyer invaluable.
At Hollinger Connor, LLC, our experienced bankruptcy attorney can:
- Assess Eligibility: Our lawyer will perform a detailed review of your financial situation to determine if you qualify for Chapter 7 bankruptcy and whether it’s the best option for your circumstances.
- Protect Your Assets: Understanding what exemptions apply to you and how to use them effectively is crucial. Our attorney will work to ensure that you retain as much of your property as possible.
- Handle Paperwork and Procedures: Filing for bankruptcy requires meticulous attention to detail. Our attorney will manage the necessary documentation and represent you at all required hearings, alleviating the stress of dealing with legal complexities on your own.
If you’re overwhelmed by debt and unsure about the next steps, contact us today. Our dedicated team at Hollinger Connor, LLC, will provide you with a personalized consultation to explore your options and discuss how Chapter 7 bankruptcy could offer you a fresh start.