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?
How to File Bankruptcy in Gadsden, AL
Sometimes bankruptcy is inevitable. You understand the consequences of filing bankruptcy and have decided that bankruptcy makes the most sense for your future. So, how do you go about taking the next step and filing for bankruptcy?
Consider Hiring an Attorney
Many people decide to hire a bankruptcy attorney prior to formally filing for bankruptcy. In most cases, this is an important step because an attorney can often produce more favorable results than you could achieve on your own. An attorney is particularly important if you are filing for Chapter 13 bankruptcy where a plan will need to be negotiated with your creditors.
Also, it is important to seek consumer credit counseling from an entity approved by the U.S. Trustee before filing for bankruptcy. Federal bankruptcy law requires bankruptcy petitioners to receive consumer credit counseling from an approved entity within 180 days of filing a bankruptcy petition. The consumer credit counseling will review alternatives to bankruptcy and consequences of bankruptcy with you.
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.
Decide Whether You are Filing for Chapter 7 or Chapter 13 Protection
When you are ready to begin bankruptcy proceedings, you, in consultation with your attorney if you have hired one, will need to decide if you are filing for Chapter 7 or Chapter 13 bankruptcy protection. Chapter 13 bankruptcies establish a repayment plan with your creditors and Chapter 7 bankruptcies allow you to repay your debts through a liquidation of your assets.
After you have decided which Chapter of the Bankruptcy Code best meets your financial needs and long term goals, then you can file the requisite papers with the Bankruptcy Court. You should also be prepared to pay all applicable filing fees at this time.
Once you have officially filed your petition for bankruptcy with the court, all of creditors will be notified and an automatic stay goes into effect. This means that your creditors may not contact you regarding debt repayment. Instead, all discussions of satisfying existing debts will go through the court.
You will be notified, either through your attorney or by mail, of the date for a meeting with all of your creditors. The meeting is usually not long but it is significant. The meeting will review the debts and assets listed in your bankruptcy proceeding to ensure that all of your declarations were truthful. The trustee running the meeting will also make sure that you understand the details and consequences of your bankruptcy petition.
Developing a Plan
The next step is to develop a plan to settle your debts. In a Chapter 7 case, the trustee will determine if you have any nonexempt assets that can be sold to satisfy your debts and will oversee the sale and distribution of funds from those assets. In a Chapter 13 case, you will enter a 3-5 year plan to repay your debts.
Your credits have 60 days after the date of your meeting with your creditors to challenge the discharge of a particular debt or the entire discharge plan. If no lawsuits are filed within that 60 day window then your bankruptcy will be discharged soon after the 60 days have expired. If a lawsuit is filed then your attorney will work with you to finalize an agreement with the creditor or creditors who have brought suit.
It is a serious decision whether or not you should file for bankruptcy. If you decide that bankruptcy is the right plan for you then an attorney and the US Bankruptcy Court can help you navigate the different requirements necessary for a successful bankruptcy discharge.
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.