HOW CAN BANKRUPTCY HELP?

  • STOP GARNISHMENTS
  • STOP FORECLOSURE
  • STOP REPOSSESSION
  • STOP HARASSING CALLS
  • STOP LAWSUITS
  • STOP TAX COLLECTION

Semmes Law Firm - Attorney in Fairhope and Foley Alabama

Bankruptcy laws are federal laws that help people get a fresh start if they are not able to pay their debts, either through selling assets or setting up a repayment plan. This ‘fresh start’ is accomplished through completing the requirements for the chapter (type) of bankruptcy that you file. Once you have completed the requirements, the Court will grant a discharge, which releases you from personal liability from specific debts and prohibits creditors from ever taking any action against you to collect the discharged debts.

CHAPTER 13

A Chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

There are several ways that Chapter 13 can help depending on your situation. Our Bankruptcy Attorneys may be able to structure your repayment plan so that you do not have to pay back all of your credit card and medical debt, and we may be able to reduce the interest rate that you pay back on your car or truck. Additionally, our Bankruptcy Attorneys may be able to reduce or eliminate a second mortgage or home equity loan. Contact one of our experienced Bankruptcy Attorneys today for more details.

CHAPTER 7

Chapter 7 bankruptcy is sometimes called liquidation bankruptcy. This type of bankruptcy cancels your debts, but you might have to let the bankruptcy court sell some of your property for the benefit of your creditors. The whole Chapter 7 bankruptcy process takes about four to six months, and commonly requires only one trip to the courthouse.

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Bankruptcy Frequently Asked Questions

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