Chapter 7 Bankruptcy
When you contact Jennings and Messer, P.C. you will meet with a qualified professional Bankruptcy attorney in Anniston AL or Gadsden AL who will help evaluate whether Bankruptcy is right for you. Our attorneys will design a custom plan to suit your unique situation.
Chapter 7 Bankruptcy is a way to reorganize finances to help families eliminate debt. It allows an individual to do away with unsecured debt by settling their debts in a manner that is favorable to the debtor as opposed to the creditors terms. Some examples of unsecured debt include credit cards, medical bills, signature loans, utility bills, payday loans, repossessions, deficiencies, and judgments. A successful Chapter 7 Bankruptcy ends with a discharge of the debt within approximately 6 months of the filing.
All too often people end up with large balances and outstanding bills that they cannot afford to pay. They may try to transfer balances between credit cards that offer lower interest rates or work with creditors to settle on an agreed balance by making payments across several years. These strategies more often than not leave the person in a worse financial situation and do little to reduce your overall debt. When a person cannot afford to pay their debts to creditors, only a few options are available to protect them from losing many of their assets through repossession or garnishments. Chapter 7 Bankruptcy is a responsible way to get your life back in order by reorganizing finances and eliminating debt.
The Process
Chapter 7 Bankruptcy can eliminate all of a person’s unsecured debt. The process is quick and usually provides relief from the burden of unsecured debt within 6 months. By working with an experienced attorney at Jennings and Messer in Anniston or Gadsden Alabama, your bankruptcy schedules will be prepared and filed quickly. In most cases, people are able to keep their property such as house, cash, cars and retirement accounts. Additionally, Chapter 7 Bankruptcy protects against wage garnishment, collection calls, repossessions, foreclosure and lawsuits. A Chapter 7 bankruptcy in Anniston or Gadsden Alabama also provides an opportunity to begin repairing your credit faster than most other strategies by improving your debt-to- income ratio, eliminating your unsecured debt and negative payment history.