Mobile, AL Law Firm Helps Debtors Navigate Bankruptcy

Alabama Bankruptcy Lawyers Focus on Debt Relief

If you are drowning in debt, bankruptcy could be a viable solution. The bankruptcy attorneys at the Bond and Botes Law Offices will analyze your financial circumstances, provide insight regarding debt relief, and guide you through the process.

Types of Bankruptcy

The two main types of bankruptcy include:

• Chapter 7. Also known as straight bankruptcy, Chapter 7 bankruptcy allows the debtor to discharge their unsecured debts, including credit card debt and medical bills, and keep all of their exempt property.
• Chapter 13. Also referred to as debt consolidation, Chapter 13 bankruptcy permits debtors with a stable source of income to keep their non-exempt property but requires them to repay a portion of their debt within three to five years, after which the rest is typically discharged.

Both Chapter 7 and Chapter 13 bankruptcy provide options for those who do not have the means to pay their bills, but there are important differences between the two. A Chapter 7 bankruptcy can clear out certain debt within a relatively short period of time, but a debtor must qualify. Chapter 13 offers individuals an opportunity to save their homes from foreclosure or cars from repossession, but they need to comply with a court-approved repayment plan.

Before debtors are permitted to file for Chapter 7 or Chapter 13 bankruptcy, they must receive either individual or group credit counseling from a nonprofit budget and credit counseling agency approved by the U.S. Bankruptcy Trustee’s Office.

Contact an Experienced Mobile, Al Bankruptcy Attorney

Are you drowning in debt and looking for legal advice? Contact the Alabama bankruptcy lawyers at the Bond and Botes Law Offices online or call 1-877-581-3396 to schedule your free initial consultation today.