Anniston Bankruptcy Law Firm Assists with Bankruptcy Filings

Bankruptcy Lawyers Guide Clients Through the Bankruptcy Process

Individuals in Anniston, AL who want to get rid of heavy debt can typically choose from two kinds of bankruptcy filings:

• Chapter 7. Chapter 7 bankruptcy gives filers a “fresh start,” meaning after the bankruptcy case is finalized the only debt remaining will be secured assets that they chose to sign a Reaffirmation Agreement on. Chapter 7 also allows instant protection against the collection efforts and wage garnishment by creditors with what is known as an automatic stay. Wages earned and property obtained (except for inheritances) are kept after the bankruptcy is filed. Chapter 7 cases resolve relatively quickly, usually within three to six months, and no minimum amount of debt is required to qualify.
• Chapter 13. In Chapter 13 bankruptcy, debtors with regular income can choose to develop a repayment plan that will allow them to keep all their property. Unlike in chapter 7 bankruptcy, debt will not be eliminated but can be reduced. Chapter 13 provides full protection against home foreclosure, as long as filers comply with the terms of the repayment plan, and more time is allowed to pay off the debt that cannot be discharged (like tax debt and child support). Chapter 13 repayment plans typically extend between three and five years.

Those who earn too much income to file for chapter 7 bankruptcy in Anniston or have the type of debt that is not dischargeable might be eligible to file for chapter 13, particularly if they have valuable property that they want to keep.

Contact an Experienced Anniston, Alabama Bankruptcy Law Firm

Are you facing tax debt and considering bankruptcy? Contact the Anniston bankruptcy attorneys at the Bond & Botes Law Offices online or call 1-877-581-3396 to set up your free initial consultation and explore your options tod