Chapter 7 Bankruptcy

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Affordable Chapter 7 Bankruptcy Lawyer

Chapter 7 bankruptcy, also called liquidation bankruptcy, was designed to give debtors a fresh start.

The burden of struggling with debt can be overwhelming, causing sleepless nights and worry. That’s why you need a Montgomery Chapter 7 bankruptcy attorney by your side, helping you solve your financial issues and charting a new path forward.

With an experienced Chapter 7 attorney advocating on your behalf, you can put an end to the unwanted calls from debt collectors, the threatening notices, and the constant worries about money. There are solutions, and working with one of Alabama’s most experienced, trusted, and successful bankruptcy attorneys can give you back peace of mind.

Debt and bankruptcy issues can be solved. Start by calling Grainger Legal Services at 334-260-0500.

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Should I Declare Bankruptcy?

There are many situations that can put a person in a financial bind, where they may need to consider declaring bankruptcy. The loss of a job, medical issues, family difficulties such as a separation or divorce, or poor investments can all play a factor that leads someone to have a challenging financial picture.

No matter the reason, people often find themselves in a tough spot financially. While bankruptcy is often considered a last resort, it is a prudent, mature, and sensible option to help address very complex financial situations.

Bankruptcies generally fall into one of two categories – liquidation and reorganization. Bankruptcy protection is just that – a way to protect certain assets and possessions while addressing the monies owed to creditors.

There is no definitive formula for whether a bankruptcy filing bankruptcy filing is the right choice. By consulting bankruptcy lawyers in Montgomery, you’ll get the clearest picture of your options.    

The decision to declare bankruptcy is a deeply personal one. That’s why you need an experienced Montgomery Chapter 7 bankruptcy lawyer to help you understand your options and, ultimately, make the best decision for you. Bankruptcy attorneys in Montgomery can help you understand the implications of bankruptcy and whether declaring bankruptcy is your best option.

How a Chapter 7 Bankruptcy Attorney Can Help

A Montgomery Chapter 7 bankruptcy attorney can help you sort through the complex legal and financial matters related to a bankruptcy filing. Contact an experienced bankruptcy attorney to help you deal with your Chapter 7 case. An experienced Chapter 7 attorney in Montgomery can assist with discharging debt due to:

* Note that tax debts are dischargeable only under certain circumstances. Speak with a Chapter 7 bankruptcy attorney to learn more.

A Chapter 7 bankruptcy may be the best way to reset your finances and get you back on your feet. Chapter 7 bankruptcies are sometimes called liquidation or straight bankruptcies.

Filing for Chapter 7 bankruptcy allows you to dispose of unsecured debts, which are loans and obligations that are not backed by collateral.

It’s important to get help when filing for Chapter 7 bankruptcy. Meeting with an experienced bankruptcy attorney who has helped clients throughout Montgomery and the surrounding area is an excellent way to get help resolving these serious financial matters.

At Grainger Legal, we are ready to examine your financial decision and help you decide whether filing for Chapter 7 bankruptcy is the right choice. We are ready to work with you to ensure that the process works, that you understand each step in the process and that you make the best decisions for your unique situation.

Chapter 7 Bankruptcy in Alabama

Chapter 7 bankruptcy, also called liquidation bankruptcy, was designed to give debtors a fresh start. When you file Chapter 7 bankruptcy, most collection efforts are stayed (or stopped) by operation of law. Creditors cannot initiate or continue lawsuits or harass you via phone. Most consumer debts (e.g., medical debt or credit card debt) are discharged in 3-4 months and the slate is wiped clean. Certain debts will not be discharged, such as alimony, student loans, child support and some taxes. No two bankruptcy cases are exactly the same, so it is important to get the advice of a trustworthy attorney about whether Chapter 7 bankruptcy is the right long-term solution for you. If you are overwhelmed by unsecured debt, an experienced Montgomery bankruptcy attorney can help you file for Chapter 7 bankruptcy.

Who Is Eligible for Chapter 7 Bankruptcy?

Not everyone is eligible for Chapter 7 bankruptcy. An individual must pass a “means test” in order to qualify. The first prong of the means test is to measure your income against the state median for households the same size as yours. If your income is less than the median, you qualify for Chapter 7. If your income is greater, the second prong of the test is to look at your “allowed” monthly expenses to see whether you have enough disposable income to repay unsecured debts. Those who do have enough disposable income to pay back debts will not be eligible for Chapter 7, but will be eligible for Chapter 13 bankruptcy, which requires you to reorganize and repay at least some of your debts.

Contact Our Montgomery Chapter 7 Lawyer Today at 334-260-0500. We Offer Emergency After-Hours Appointments.

A Montgomery Bankruptcy Attorney Helps You Understand All Your Financial Options

Bankruptcy can be a confusing, frightening process. It’s likely you have never had to go through a situation like this previously in your life.

We fully understand how worrisome and challenging these situations can be. We tailor our representation to take your unique situation into account. For your first meeting with us, we will ask you to fill out a questionnaire, either in advance or during the meeting. In that first meeting, our Montgomery bankruptcy lawyer will discuss your answers to the questionnaire to understand your situation and particular circumstances. Please click here to view the form. Your answers will help us to learn more about your unique situation and how we may be able to help. 

Next, we will discuss both bankruptcy options and non-bankruptcy options. We will explain why one solution may work better than another in your situation. Often, two or three different options may work for you, and we can advise you on how to choose the best one for you. Our Montgomery bankruptcy attorney will help guide you in making the choice and answer any questions you may have.  

How Our Montgomery Bankruptcy Attorney at Grainger Legal is Different

Your Initial Consultation with Us

If a bankruptcy solution is the most appropriate, our Montgomery bankruptcy attorney will explain each of the steps that will be taken during the case. We will also go over a list of items the firm will need to prepare your case on your behalf. 

Time Spent with You

Many bankruptcy attorneys offer you only 5 to 10 minutes of their time. Grainger Legal is different.

We are committed to giving more time to our clients during that first appointment. We will meet for 30 minutes to an hour to make sure our bankruptcy attorney personally helps you understand the strategy for your bankruptcy. He will explain the alternatives available to you and tell you what will be needed.

We strongly believe that this approach is best for our clients. We understand that you may have many questions and need things explained clearly, simply and in language that makes sense. Even if you have no knowledge of what filing for bankruptcy means, our Montgomery bankruptcy attorney is ready to answer your questions.

A Commitment Throughout the Process

You have many choices when it comes to a Chapter 7 lawyer in Montgomery. That’s why we provide hands-on, personalized service that’s designed to help with your particular bankruptcy case. We know that no two cases are the same. That’s why we work with you at every step of the process to explain what is happening, review documents and processes, and help you with your case.

Frequently Asked Questions

We know you may have many questions when it comes to Chapter 7 bankruptcy. Here are some answers to the most common questions we are asked.

Both Chapter 7 and Chapter 13 bankruptcy filings are legal procedures that are designed to resolve financial challenges. Both are an option for gaining financial relief, but there are differences between the two filing strategies.

Chapter 7 bankruptcy is usually a quicker process. It allows for the discharge of debts within a few months in most cases. However, Chapter 7 also requires the filing of exemptions to protect certain assets, such as your home, from liquidation.

In contrast, a Chapter 13 bankruptcy can take 3 to 5 years of payments to complete and have debts be discharged. A Chapter 13 bankruptcy is designed for those individuals who have a regular income and can manage to pay off some or all their debts over an extended period. Chapter 13 bankruptcies have more tools available to fine-tune the case, such as using court-appointed payment plans to protect a home or car while keeping both.

Working with an affordable Chapter 7 bankruptcy lawyer in Montgomery can help you decide whether Chapter 7 or Chapter 13 is the right solution for your case.

Depending on the extent of your debt and other financial and personal factors, bankruptcy may or may not be your best option. Some debtors feel too guilty to file for bankruptcy or view doing so as a failure.

However, allowing debt to continue to build can cause much more damage to your financial health. Many of the penalties and interest rates compound, meaning you end up owing more and more the longer you do not pay back your debts. In addition, the stress and worry of continuing to have serious financial issues can have a negative impact on your physical and mental health.

Not dealing with your financial issues means you may continue to hear from debt collectors. In some cases, you may be sued for any unpaid debts or have your salary or wages garnished to pay your creditors.

It’s never too late to be more strategic about your financial situation and work with Montgomery bankruptcy lawyers to guide you through the filing process.

Contrary to some beliefs, a bankruptcy filing does not affect your credit permanently. Filing for bankruptcy can be a relief, and while it will remain on your credit report for up to 10 years, it will not prevent you from rebuilding your credit. The reality is that unpaid bills have already hurt your credit score. However, a bankruptcy filing is an opportunity to begin rebuilding that credit score. It will not prevent you from taking out a loan to buy a car or a home.

A bankruptcy filing is a chance to improve your credit scores, improve your debt-to-income ratio (which is a key factor when applying for loans) and earn better interest rates.

The decision to declare bankruptcy is a very personal financial decision. The timeline for doing so will vary based on your personal situation. There is no “official” time to file for Chapter 7 bankruptcy.

However, if you are facing serious consequences, such as a lawsuit or garnished wages, a foreclosure or repossession, you may have an urgent need to consider bankruptcy protection. In addition, the continued stress of answering calls from debt collectors and your creditors may be reason enough to consider filing in order to stop those actions.

Determining whether and when to file bankruptcy is a complicated matter. That’s why hiring a Montgomery Chapter 7 bankruptcy attorney is a way to learn about the bankruptcy process and how it can protect you and your valuable assets.

Speak with a Montgomery Chapter 7 Bankruptcy Attorney

Speaking with a Montgomery bankruptcy lawyer can help you to find out more about the bankruptcy process and how it can protect you and your assets.

Attorney Charles Grainger

Attorney Charles Grainger possesses decades of legal experience focused on debtor-creditor law, bankruptcy, and business law. His legal work is designed to help clients overcome debt and secure a stronger financial footing. He also provides legal services to entrepreneurs and business owners. Grainger Legal Services takes a comprehensive approach to debt relief and financial education for clients in south-central Alabama. [ Attorney Bio ]

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