IMPORTANT: To protect your safety in response to the threats of COVID-19 we are offering our clients the ability to have full phone consultations and video conferencing. Please contact our office to discuss options. Additionally we are now offering reduced prices on Chapter 7 Bankruptcy. Individual Chapter 7 Attorney Fee: $750 + Costs* (typical costs are $475) and Couples Chapter 7 Attorney Fee: $750 + Costs** (typical costs are $515).

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Bankruptcy can help Alabama homeowners

On Behalf of | Nov 3, 2021 | Bankruptcy |

While some Alabama homeowners are thriving financially, others are struggling to stay afloat. Often, cutting back on spending, avoiding the use of credit as cash and downsizing helps get things back on track. However, many homeowners find they need more immediate debt relief and decide that filing for bankruptcy can help resolve debt problems and lay the groundwork for a stronger financial future. 

Issues that often lead to financial problems for homeowners 

Problems with credit card debt, unexpected medical bills or car repairs and other issues contribute to financial struggles for homeowners. The state of the economy, both local and national, also can have a significant impact on personal finances. There are numerous options to help homeowners in such circumstances. In many cases, filing for bankruptcy is the most viable solution. 

Each bankruptcy program has its own eligibility requirements

There are various types of bankruptcy. It is not a one-size-fits-all system. Each program has eligibility requirements that must be fulfilled in order to file a petition. For instance, Chapter 13 bankruptcy is often referred to as the “wage earner’s debt relief program” because an applicant must show proof that they have a reliable means of income at or above a certain level. This type of bankruptcy is more of an alternative payment plan than Chapter 7, which typically involves liquidation of assets, wherein proceeds are then used to pay back creditors.

Determining which bankruptcy option is best in a specific case

Hawley & Associates, LLC is an experienced legal team that is fully equipped to address all aspects of bankruptcy, including helping to determine which program best fits a specific homeowner’s needs and financial goals. By requesting a consultation, you can learn more about various debt relief programs, as well as dispel many myths that are often associated with filing for bankruptcy. You do not have to face a debt crisis alone, and there may be options available to help you avoid foreclosure on your home.