GADSDEN BANKRUPTCY LAWYER
ADDITIONAL BANKRUPTCY ARTICLES:
- What is Bankruptcy?
- How to file bankruptcy
- The first step in filing for bankruptcy
- Bankruptcy law in Gadsden: Basic Concepts
- Alabama Bankruptcy Exemptions
- The difference between secured debt and unsecured debt
- Chapter 7 Means Test in Alabama
- What is the difference between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy?
- Will filing bankruptcy stop the bill collectors?
- What is the homestead exemption in bankruptcy?
- Debts that usually remain after bankruptcy
- Chapter 7 Bankruptcy Checklist
- Pros & Cons of Chapter 7 Bankruptcy
- Who can file Chapter 7 Bankruptcy in Alabama?
- How long does bankruptcy stay on my credit report?
Debts That Usually Remain After Bankruptcy
The decision about whether to file bankruptcy is a difficult to decision to make. Will it discharge my student loans? Will I still have to pay off unpaid child support? These are common questions.
People often worry about the lasting effects on their credit history and their ability to borrow money in the future. However, sometimes the advantage of being relieved of debt in a bankruptcy proceeding outweighs the disadvantages. In order to weigh the advantages and disadvantages for yourself, it is important to understand exactly what debts bankruptcy gets rid of for you and which debts will remain your responsibility.
WHO SHOULD YOU HIRE FOR YOUR bankruptcy CASE?
First, look for attorney's qualifications. The National Trial Lawyers Associations selected Dani Bone as a Top 100 Lawyer in the Country for 2018. The National Trial Lawyers Associations selected Sam Bone as a Top 40 Lawyer Under 40 for 2015.
Next, look at our reviews online for our services and compare them to other attorneys in the area to decide whether we should be your lawyer.
Individuals may file for bankruptcy pursuant to Chapter 7 or Chapter 13 of the United States Bankruptcy Code. Chapter 7 bankruptcy requires the sale of the debtor's nonexempt property and the distribution of the proceeds to the debtor's creditors. Chapter 13 bankruptcy allows debtors with a regular income to keep their property and to come up with a debt repayment plan to satisfy debts over the course of 3 -5 years.
While most debts are satisfied in a Chapter 7 or Chapter 13 bankruptcy discharge, there are certain debts that are likely to remain with the debtor following bankruptcy discharge including:
- Alimony and child support debt for past amounts that have not been paid;
- Taxes: unpaid taxes usually remain with debtors after a bankruptcy is discharged;/li>
- Government funded or guaranteed educational loans: are not discharged in bankruptcy proceedings;
- Debts associated with a criminal sentence: debtors who are ordered to pay restitution in certain criminal cases must still pay those debts after an individual bankruptcy discharge;
- Debts incurred in some drunk driving lawsuits: a debtor who injured or killed someone while driving under the influence of alcohol (DUI or DWI) remains responsible for any financial damages awarded to a plaintiff in a lawsuit arising from the incident;
- Mortgages: long term obligations such as mortgages may not be discharged in a Chapter 13 bankruptcy proceeding; and
- Secured Debts that have been reaffirmed in a Chapter 7 bankruptcy proceeding remain the debt liability of the debtors.
The degree to which bankruptcy gives a debtor a fresh financial start depends on an individual's specific debts. If most of the individual's debts are government backed educational loans and unpaid taxes, for example, then bankruptcy will not relieve the debtor of his or her obligations.
Speak to an Experienced GADSDEN ALABAMA Bankruptcy Attorney Today
This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified bankruptcy lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact Dani Bone & Sam Bone to discuss your specific legal situation at 256-547-1005.