Prattville, AL, Bankruptcy Lawyer

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Experienced Prattville, AL, Bankruptcy Attorney

It’s Time to Take Control of Your Finances and Get Out of the Hole

Declaring bankruptcy is never anyone’s goal but doing so can relieve you of financial stress and help you regain control over your life and future. If you’re considering declaring bankruptcy, a Prattville, AL, bankruptcy lawyer can help you to understand your options and make the best choices for you and your family.

Prattville, AL, bankruptcy attorney Charles Grainger and his legal team have the experience needed to guide people through tough situations while obtaining financial relief. He will take the time to understand your scenario and learn about your challenges while helping you navigate the bankruptcy process and discharge or make reasonable payments on your debts.

Declaring bankruptcy doesn’t mean that you’re giving up or that you’ve failed in your responsibilities—it’s a chance to take a fresh start and renew your commitment to an improved and stronger financial future.

Call Prattville, AL, bankruptcy lawyer Charles Grainger at 334-361-8550 to learn more about the bankruptcy process and how to retake financial control.

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Should I File for Bankruptcy?

Prattville Bankruptcy Lawyers Can Help Determine If Bankruptcy Is Your Best Option

Declaring bankruptcy is a personal choice. Your unique circumstances and financial situation can help determine whether or not you should file for bankruptcy. Prattville bankruptcy lawyers can offer their advice and insight but deciding to file is up to you.

However, uncontrolled debt can take a huge toll on your financial prospects, your personal life, your family, and your health. If you feel that you can’t get over the mountain of debt you face, filing for bankruptcy might be the most sensible option.

The goal of declaring bankruptcy is not to wipe out debtors and permanently disrupt their finances. Rather, it’s a means of discharging—or eliminating—debts or restructuring debt to create a reasonable repayment plan and offer a fresh start. Reasons for declaring bankruptcy include:

  • Stopping wage garnishments, foreclosures, and repossessions
  • Eliminating credit card debt
  • Relieving stress
  • Rebuilding your credit
  • Stopping harassing calls and other measures from creditors.

Our Prattville Bankruptcy Attorney Helps You Understand All of Your Options

Bankruptcy can be a confusing, frightening process. Chances are good that you never had to go through a situation like this previously in your life. We fully understand this, and we tailor our representation to take your unique situation into account. In your first meeting, our Prattville bankruptcy lawyer will discuss your answers to a questionnaire you can complete upon arrival. You can also fill out the questionnaire in advance – click here to view the form. Your answers will help us learn more about your unique situation. 

Then we will discuss both bankruptcy options and non-bankruptcy options to explain why one solution may work better than another. Often, two to three different options may work for you, but it is important to choose the best one. Our Prattville bankruptcy attorney will help guide you in that choice.  

How Our Prattville Bankruptcy Attorney at Grainger Legal is Different

Your Initial Consultation with Us

If a bankruptcy solution is the most appropriate, our Prattville bankruptcy attorney will then explain each of the steps to the case and go over a list of items the firm will need to prepare your case.  Many bankruptcy attorneys offer you only 5 to 10 minutes of their time. Grainger Legal is different. We are committed to giving more time in that first appointment. We will meet for 30 minutes to 1 hour to make sure our bankruptcy attorney personally helps you understand the strategy for your bankruptcy, explains the alternatives available to you, and tells you what will be needed.  We feel this approach is best for our clients. Even if you have no knowledge of what filing for bankruptcy means, our Prattville bankruptcy attorney is ready to answer your questions.

Chapter 7 Bankruptcy and Chapter 13 Bankruptcy: Two Common Types

Understanding Chapter 7 Bankruptcy

Chapter 7 bankruptcy is sometimes called liquidation bankruptcy, as it’s designed to quickly discharge and eliminate debt from credit card bills, medical expenses, and other unsecured debt (that is, debt not backed by collateral).

A Chapter 7 lawyer can help you prepare information about your assets, debts, open accounts, income, and possessions for the court. After filing for Chapter 7 bankruptcy, lenders, collectors, and others seeking debt repayment can no longer pursue you for debt collection and similar purposes.  

Filing for Chapter 13 Bankruptcy

Chapter 13 bankruptcy is intended for debtors who have a regular income who need bankruptcy protection and can manage repaying part or all their debts over a three- to five-year period. Bankruptcy attorneys in Prattville can help you to restructure debt to come up with a manageable repayment plan.

After filing for Chapter 13 bankruptcy, you’ll also be protected from creditors’ debt collection efforts. Further, Chapter 13 bankruptcy can prevent foreclosure on your home or repossession of your car, keeping those assets protected.

Chapter 7 Versus Chapter 13 Bankruptcy

Consulting with bankruptcy lawyers in Prattville, AL, can be useful when determining which type of bankruptcy best suits your situation. Both forms of bankruptcy offer fast financial relief from debt collections, but there are considerations to bear in mind:

  • Not everyone is eligible for Chapter 7 bankruptcy. Debtors must pass a means test to qualify, which compares their household income to the median income for an Alabama household of the same size. If income is greater than the median, it is difficult but not impossible to show that debtors can still lack enough disposable income to pay debts and therefore be eligible for Chapter 7 bankruptcy. Careful preparation of the means test is necessary to determine whether an above-median income debtor qualifies for a Chapter 7 bankruptcy.
  • Not all debts can be discharged by declaring bankruptcy. Alimony, student loans, some taxes, and child support cannot be eliminated by filing for bankruptcy.
  • Filing for Chapter 7 bankruptcy is quicker, discharging debt within a few months, typically. However, you may need exemptions to protect certain assets, like your home, from liquidation.
  • Filing a Chapter 13 payment plan may take 3 to 5 years of payments to complete and get a discharge yet Chapter 13 cases offer many more tools to fine-tune the case to the needs of our clients. Common examples are those who are behind on their car or house payments but wish to keep both.  A court-ordered payment plan will offer protection while allowing time to catch-up on house payments or pay for a car (often at a better interest rate).  Many other reasons can apply which make Chapter 13 a better option even though Chapter 7 may sound more appealing initially.


Common Questions Asked of Bankruptcy Lawyers in Prattville, AL

Declaring bankruptcy is a personal and financial decision, and the timeline or circumstances for doing so can vary. If you are facing foreclosure, repossession, a lawsuit, or garnished wages, you may have urgent need for bankruptcy protection. Similarly, if debt collectors and creditors continue to call and aggravate you, declaring bankruptcy requires that they halt such action. You should speak with a Prattville, AL, bankruptcy lawyer to find out more about the bankruptcy process and how it can protect you and your assets.

Bankruptcy is never a tool to be taken advantage of; it’s a resource for helping people regain their financial footing. Therefore, if debtors lied about or did not truthfully disclose all their assets, debts, income, and other financial information, the court may deny a discharge of debts. Hiding property, funds, or assets that could have been used to pay debts, among other dishonest actions, could result in denied discharge of debts.

Depending on the extent of your debt and other financial and personal factors, bankruptcy may or may not be your best option. Some debtors, however, feel too guilty to file for bankruptcy or view doing so as a failure. Debt that continues to build and build can cause much more damage to your financial health — and even your physical and mental health — than choosing to go ahead with a bankruptcy filing. Being sued for unpaid debts or having your wages garnished can only add to the stress and hardship of debt. It’s never too late to be more strategic about your financial situation and working with Prattville bankruptcy lawyers can guide you through the filing process.

Some debtors worry that filing for bankruptcy will indefinitely negatively affect their credit. Truthfully, debtors considering bankruptcy do not likely have outstanding credit scores, as unpaid bills and their income-to-debt ratio may already be unfavorable to a good credit score. Instead of taking on more debt, filing for bankruptcy can bring relief. A bankruptcy filing can stay on your credit report for up to 10 years. However, it will not permanently prevent you from taking out a loan for a car, home, or other reason. Most of our clients have experienced improved credit scores after filing bankruptcy which can contribute to better interest rates on car loans and for many, the opportunity to buy a home. It appears that improving the debt-to-income ratio on the credit report has a large impact on the credit score.

We encourage people to find the best Prattville, AL, bankruptcy lawyer suited to their needs. At Grainger Legal Services, Prattville, AL, bankruptcy attorney Charles Grainger works closely with all the firm’s clients to provide sincere service and recommendations to improve their financial scenarios. Our goal isn’t for you to file for bankruptcy—unless it’s the best course of action. Rather, we want to help you “get out of the hole” and find the best methods for debt relief. Additionally, our legal team is committed to keeping you informed and educated throughout the debt relief process, making sure you understand your options and the reasoning behind our advice. Finally, we encourage people to choose local bankruptcy attorneys in Prattville, as local lawyers are most familiar with pertinent local courtrooms, rules, and regulations.

If you are filing for bankruptcy, your spouse does not have to file for bankruptcy as well. Marriage alone generally does not make both spouses liable for a debt. Most agreements are between a creditor and single debtor. However, spouses can have joint debts and do own property together in many cases. Even with only one spouse filing, we will need paystub and income information for the non-filing spouse to prove the needs for our client’s household. This doesn’t add the non-filing spouse to the case but does help determine what the spouse who is filing will get approved for. We must also evaluate household income and household living expenses. Therefore, a spouse’s bankruptcy filing can affect the other spouse and require their cooperation, even if they are not also filing for bankruptcy. If there are no joint debts, one spouse’s filing should not affect the other spouse’s credit. In some situations, such as holding joint debts, it is sometimes recommended that both spouses file for bankruptcy together. We may recommend a joint case, an individual case, or in some instances a Chapter 13 for one spouse and a Chapter 7 for another. We attempt to weigh all circumstances and provide our best advice accordingly. Bankruptcy lawyers in Prattville, AL, can advise you on what is best based on your individual circumstances.

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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    Debt Relief Now: Call a Prattville, AL, Bankruptcy Lawyer wavy line

    Prattville, AL, bankruptcy attorney Charles Grainger and his legal team have provided honest advice and personalized service to clients for years. People just like you who are in debt and are considering bankruptcy need to turn to reliable and knowledgeable Prattville bankruptcy lawyers. After learning more about your situation, the team at Grainger Legal Services can help come up with a plan for the best way to get out of the hole you’re in.

    Our affordable Prattville, AL, bankruptcy lawyer at Grainger Legal Services can give you the best help possible. Debt relief is stress relief.

    Declaring bankruptcy is never anyone’s first choice—but it can be a smart move to secure your future and get you fast relief from debt. Our team pledges to offer our best service and provide a personalized plan for debt relief for you. Call Grainger Legal Services at 334-361-8550 today.