What Should I Expect When Faced With Bankruptcy?

bankruptcy filingFinding the Right Bankruptcy Attorney Mobile Alabama

If you’re looking for an Alabama bankruptcy lawyer, Loris Law Firm can help. We’ve been saving homes, stopping wage garnishments, and giving clients peace of mind since 1993. If you’re looking to file a chapter 7 bankruptcy in Mobile, Alabama, consider stopping by our Mobile office for a consultation.

At Loris Law Firm, we know how hard filing can be, but we also know something that you don’t: filing bankruptcy will be a relief. Filing will give you peace from the harassment, stress, and the unknown that comes with angry creditors and unpaid bills. Read on to find out some of the basics you can expect when filing for bankruptcy Mobile AL.

What to Expect with a Bankruptcy

When you file bankruptcy, your lawyers will immediately stop those irritating, stressful consequences of debt. The phone calls at odd hours, having your wages garnished, worrying about your homes and your vehicles being taken away, are all in the past. Now, it’s time to work with your lawyers to make a plan that will get you discharged, meaning that your debt is erased.

Before even filing your case, there are a couple of important steps to take. First, you’ll have to take credit counseling with a government-approved agency. Your credit counselor will help you decide if bankruptcy is the right option for you. With this, you’ll have to prove that you cannot repay your debts. If that’s the case, then you’ll begin by discussing which type is right for your case.

Bankruptcy Chapter 7 Mobile AL

A Chapter 7 is the most common kind of bankruptcy. Filers who stay on track can be discharged in less than six months. Filing a chapter 7, however, may mean sacrificing non-exempt assets to go up for sale. The money from these sales goes towards your debt, and the rest is discharged. 

Chapter 13 bankruptcy works a little differently. Instead of selling your assets, you will keep all or most of them, and repay a portion of your debt with guidance from your lawyers over a period of 3 to 5 years. After the term is up, the remaining debts are discharged. 

Both types will put an end to your financial suffering, but one may be better for your situation than the other. This is just one question that can be solved with the help of the right attorney.

How an Attorney Can Reduce Your Stress

Attorneys are an important asset in bankruptcy cases because there are a lot of people involved in your case, and some of them, like the trustee, are fighting for the other side (your creditors). Whichever chapter you decide to file, there are so many moving parts, paperwork, and deadlines to keep track of, and you have enough on your plate already. A good lawyer can help you stay on track, get discharged on time, and fight for you and your future.

Bankruptcy Attorney Mobile AL

Filing for bankruptcy is a hard and stressful process, and you shouldn’t have to do it alone. If you’re looking for a Mobile AL bankruptcy attorney, Loris Law Firm is waiting to receive your call. As your Alabama bankruptcy lawyer, Loris Law Firm will make filing, staying on course, and planning for a debt-free future easy and stress-free.

Call Loris Law Firm at any of our locations today to talk about which chapter is right for you.