Freeing You From Debts With Chapter 7 Bankruptcy
In today’s economy, many people in Alabama have trouble keeping up with payments on their debts. A serious illness or a layoff at work can quickly send a family’s financial security on a downward spiral.
Are you facing overwhelming debts, foreclosure or repossession of your car? If you don’t know how you will be able to meet your obligations, let us explain your options. At Hawley & Associates, LLC, Prattville, our experienced attorney will dispel the myths you hear about bankruptcy and help you understand the best course of action for your unique situation.
Why Filing For Bankruptcy Can Be A Good Option
Filing for bankruptcy is not a sign of failure. When the bankruptcy code was written, the language used in the law even indicates that bankruptcy offers “a fresh start” to individuals and families.
A Chapter 13 bankruptcy allows those who qualify to reorganize their debt loads so they can keep their homes or other valuable assets. A Chapter 7 bankruptcy process allows you to wipe the slate clean and start over anew with no debts.
Pros And Cons Of Filing For Chapter 7 Bankruptcy
The Chapter 7 process is often referred to as a ‘liquidation bankruptcy.’ Once the process begins, there is an automatic stay of all collection proceedings against you. Your assets are liquidated (with certain exemptions), and your dischargeable debts are erased.
Of course, there are pros and cons, such as:
- The bankruptcy is reflected on your credit record but only for a set number of years.
- State law exemptions allow you some asset protections, although you may have to give up luxury items.
- While it may be more difficult to buy a home or obtain a new credit card after a bankruptcy, it is not impossible.
Stop The Nasty Phone Calls ~ Schedule A Free Consultation Today
We can help inform you of your options and reduce uncertainty during a stressful period in your life. Contact us online or call Hawley & Associates, LLC, today at 334-595-8114 to schedule a free initial consultation with our experienced bankruptcy lawyer. You have nothing to lose and everything to gain.
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.