Sometimes people in Luverne, like anywhere else, become overwhelmed financially and will need protection and relief. You may need an experienced Luverne bankruptcy attorney to sort out your options. When people feel overwhelmed, they often go into a period of denial and their fears will hold them in bondage and keep them from acting on a timely basis. If you have not been sleeping well because of being overwhelmed, it is time to come see us. Ignoring the problem will often make it worse as people fall further behind on their debts and face lawsuits, foreclosures, garnishments, liens on their property or a Sheriff’s sale of their belongings.
Our firm is dedicated to helping people “get out of the hole.” We examine your financial circumstances and develop a strategy designed to provide debt relief. This may or may not include obtaining bankruptcy protection depending upon your circumstances. Because bankruptcy is such a powerful tool in creating relief, it is often the correct choice once the circumstances have gone too far. People considering bankruptcy want to learn more. That is why we have devoted so much of our web site to providing bankruptcy information to people like you are investigating your options.
Generally, debt relief options include the following:
- Borrowing money from a bank or credit union to pay-off other higher interest debts. The problem with this option is qualifying for the loan and being able to afford it.
- Credit counseling repayment plans generally ask creditors (mostly just credit cards) to accept a lower interest rate to get debt paid-off more quickly but unfortunately for about the same amount of payment that is difficult to pay now. Our experience is that such plans have a high failure rate and result in very poor credit scores. Some creditors will not participate and may be prompted to sue since the credit counseling plan may indicate to them a person is going under.
- Debt settlement scams are all over the internet and radio. If you attempt one, make sure they are licensed by the Alabama Securities Commission. It may still be a scam but at least that affords some protection. In our view, debt settlements do not work well on a monthly payment basis but can work with lump sums. You are welcome to schedule a “Strategy” appointment and discuss that with us.
- Working with your creditors is often dangerous because each creditor wants their money and they don’t care whether what they demand leaves you enough to meet your other obligations.
- Chapter 7 bankruptcy is an effective tool for unsecured debts which do not have collateral. Examples include credit cards, medical bills, lawsuits, and small loans. People are limited in how much property they can keep in a Chapter 7 bankruptcy but the notion they will lose everything is a common misconception. Most people lose nothing in a Chapter 7.
- Chapter 13 bankruptcy is a 3-5 year repayment plan which may or may not pay anything to unsecured creditors depending upon your circumstances. Chapter 13 has the benefit of addressing more types of debt such as being behind on house payments or car payments, back child support and taxes. Often a Chapter 13 is easier to start because the attorney fees are placed into the plan.
The bankruptcy court location for Luverne, Alabama is in Montgomery, Alabama. Rather than driving all of the way to Montgomery to meet a lawyer, we encourage you to make the trip to our office in Troy, Alabama – about 20 miles away.
Our Troy office is located at 515-A S. Brundidge Street, Troy, AL 36081 and is easy to get to in that it is located right on one of the main arteries in Troy – S. Brundidge Street. For a free appointment, call (334) 770-4500 or contact us online to schedule.
Although debt can feel like an insurmountable problem, especially when you're also worrying about shelter and housing, an experienced Luverne Alabama bankruptcy attorney can evaluate the facts and give you long-term solutions to your troubles. Our firm serves clients in south-central Alabama from our offices located in Montgomery, Prattville, and Troy. Call us at (334) 770-4500 or contact us online to schedule a consultation.