Birmingham Bankruptcy Lawyer

How to Choose a Bankruptcy Lawyer in Birmingham

Finding a bankruptcy lawyer to help you can make a huge difference to your future financial situation. You should look for an attorney that will provide personal services. For example, if they want you to meet with associates or assistants before getting to the lawyer it isn't a good sign that you'll be getting the personalized and customized service that each case needs. It is also smart to look for a bankruptcy lawyer in Birmingham who has experience in the court room. You should use a bankruptcy lawyer that offers a free consultation and remember to always ask if the first visit is free. The first visit is where you discuss your circumstances and the cost of the filing, counseling and fees. Look for a bankruptcy lawyer with good confidentiality ratings and don't hesitate to interview multiple lawyers before coming to a decision.

How do Bankruptcy Lawyers Solve Credit Problems?

Birmingham bankruptcy lawyers can handle all aspects of bankruptcy law (including all types listed below) and provide legal methods for an individual or business to either eliminate debts by liquidating and distributing assets or resolve them by developing a court-approved reorganization plan, or other plan involving the repayment of creditors over time. Your lawyer should help you learn the primary purposes and applications of Birmingham , Alabama bankruptcy laws and how they function to relieve individuals and businesses from indebtedness and provide a fresh financial start. Title 11 of the United States Code (the bankruptcy code) regulates the bankruptcy proceedings, including what chapter under which a debtor may file, what bills can be eliminated, how long payments may be extended, what possessions can be kept, and all other details concerning the bankruptcy.

Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is also known as “liquidation,” "straight bankruptcy," or “complete bankruptcy,” is the most commonly filed form of bankruptcy among individuals. Chapter 7 Bankruptcy essentially allows the debtor to make a fresh start. When a Chapter 7 Bankruptcy has been filed in Birmingham , a trustee collects the debtor's nonexempt assets, which are then reduced to cash, and distributions are made to the creditors in accordance with bankruptcy law. > Read More >

Chapter 11 Bankruptcy

Chapter 11 Bankruptcy primarily applies to commercial enterprises that wish to continue business operations while repaying creditors through a court-approved reorganization plan. Under Birmingham Chapter 11 Bankruptcy, the debtor has the right to file a plan of reorganization within 120 days after the order for relief. The debtor must provide creditors with a disclosure statement that allows the creditors to evaluate the plan, although whether the plan is approved is ultimately the Court’s decision. > Read More >

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is designed for an individual who has a regular source of income, a desire to pay his or her debts, but currently is unable to do so. Chapter 13 Bankruptcy may be preferable to Chapter 7 Bankruptcy because Chapter 13 Bankruptcy usually allows the debtor to keep a valuable asset, such as his or her own house. Under Birmingham Chapter 13 Bankruptcy the debtor may arrange and propose a plan to the Court. The plan illustrates how the debtor will repay creditors over time, between three and five years. The Court must then approve this plan. > Read More >