Grainger Legal Services is dedicated to helping our clients find long term solutions to their financial troubles. At our firm, we focus primarily on consumer bankruptcy, working with individuals to obtain relief for personal debt. When our clients are small business owners whose business is failing, our experience in business law can be helpful in conducting a business Chapter 7 case. We start by identifying the source of your problems, assessing your employment and living expenses to determine which options can get you the debt relief you need. A knowledgeable Montgomery bankruptcy attorney can help you “get out of the hole” through bankruptcy, but can also give you advice on other options. We also help businesses file for bankruptcy under Chapter 7.
Our principal Charles Grainger has been practicing law since 1986, and opened his firm in 2003 after having served as the General Counsel to the Alabama Secretary of State. He has developed several steps to ensure that your financial concerns are appropriately addressed. The first step is to help you complete a debt relief questionnaire to make sure we understand your objectives and needs. Subsequently, we ask you to gather documents and prepare forms. Our legal assistants will take your information for evaluation by Mr. Grainger who will use the documents you provide to give you multiple options for relief. If bankruptcy is appropriate and desirable, we will prepare and file your bankruptcy petition.
You may be eligible to file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy provides you with a discharge of your debts much more quickly—usually within four months. However, it calls for some of your assets to be liquidated in order to repay some of your debts. You also must pass a “means test” to be eligible for this type of bankruptcy. Chapter 13 bankruptcy can take 3-5 years, and involves creating a debt repayment plan that you must stick to in order to obtain a discharge of your debts at the end of the process. For some debtors, Chapter 13 is more advantageous because although it takes years and a commitment to making periodic payments, it also provides you with tools you may use to save your house and your car.
Many of our bankruptcy clients have found that their credit scores were improved after bankruptcy. Although bankruptcy can stay on your credit report for up to ten years and can have negative consequences, it also results in a lower debt-to-income ratio, allows others to see that no other creditors will interfere with your ability to pay, and gives prospective creditors the security of knowing that you cannot file a subsequent bankruptcy for a number of years. Importantly for some, it stops the stress of creditor harassment. Moreover, bankruptcy can bring you peace of mind, knowing that you are not haunted by your past mistakes, and having a fresh start ahead.
Four to six weeks after we file your petition, you may need to appear in bankruptcy court to answer questions. Creditors are allowed to attend, but usually they do not. You will need to participate in an online Money Management course from either your home or from one of our office locations. If you have filed Chapter 7 bankruptcy, your debts may be discharged within three months of the creditors’ meeting. If you have filed Chapter 13 bankruptcy, you will receive a confirmation hearing that we can attend on your behalf. Chapter 13 involves debt reorganization; you will need to make payments through the life of your plan before the rest of your debt is discharged.
Bankruptcy is a process that many Americans have misconceptions about. Our firm can dispel the myths, determine whether bankruptcy can give you the relief that you need, and educate you about sound fiscal habits. Montgomery bankruptcy lawyer Charles Grainger can assess your particular situation, including both your income and your expenses. He can warn you about potential pitfalls, and give you real options to improve your financial life. We serve clients in South-Central Alabama from our offices located in Montgomery, Prattville, and Troy. Call us at (334) 260-0500 or contact us online to schedule a no-cost consultation.