Experienced Bankruptcy Lawyer Serving Oneonta and Blount County
Is debt taking over your life? Declaring bankruptcy might fix everything.
You’re in a financial hole. It’s okay to admit it. You’ve had a run of bad luck with accumulating debt and now you’re worried that you’ll never be able to dig your way out. I’m here to tell you that you CAN and you WILL.
Filing for bankruptcy can be a viable option for eliminating debt quickly and effectively.
Whatever has caused your financial struggles — be it an unexpected job loss, medical bills, or defaulted loans — there is no reason to feel embarrassed or ashamed.
You should feel empowered for having the guts to accept accountability and taking the necessary steps to create a better future for you and your family. And you’re not alone.
Struggling with debt has unfortunately become a very common narrative in America. Fluctuating unemployment rates, uncertain economic growth, predatory lending, and sharp property declines all contribute to financial instability.
Filing for bankruptcy is not a dead end; it’s the first step toward reversing the damage and reclaiming your financial freedom.
At the Law Firm of Ted Williams, Jr. LLC, we understand that your livelihood is at stake and are dedicated to making sure you emerge in a strong financial position.
Our bankruptcy attorney is very knowledgeable and experienced in filing cases in Alabama’s Northern District Bankruptcy and will provide you with competent legal advice throughout the entire process.
If you want debt relief and a new lease on life, contact the law firm of Ted Williams (205) 623-4443 today.
Financial Records You’ll Need:
Bankruptcies require a lot of paperwork. The law requires you to submit
certain documents that disclose your financial affairs. Some of which include:
- Driver’s license
- Social Security ID
- Deeds to home, trust, and mortgages
- Tax returns for the last two years
- Monthly living expenses
- Credit reports
- Pay-stubs & W-2’s
- Valuation of property and assets
- Vehicle registration, car insurance
How Can Filing for Bankruptcy Help Me?
Filing for bankruptcy allows you to discharge all of your unsecured debt without legal ramifications, including:
- medical bills
- credit card debt
- personal loans
- payday loans
You will essentially be wiping the slate clean and getting a new financial start.
From the moment you file, we can STOP:
- Wage garnishments
- Home foreclosure
- Harassing collection calls
- Repossessions of a car or other property
- Termination of utility service
- Creditors who have committed fraud or who are trying to collect more than you owe
What Type of Bankruptcy Should I Consider?
There are generally two types of bankruptcy filings that can benefit individuals that are in financial distress. They are:
Chapter 7 – This is referred to as “straight” bankruptcy or “liquidation.”
When filing for Chapter 7 bankruptcy in Alabama, you are seeking to eliminate all of your unsecured debts, including:
- credit cards
- medical debt
- personal loans
- deficiencies on repossessed vehicles
You will most likely be able to keep your property including your house, motor vehicle, or other personal items.
Property Exemptions for Chapter 7 in Alabama:
- $5,000 in real estate such as homes, condos, and mobile homes that are less than 160 acres.
- 75% of wages or 2X Federal Minimum Wage
- $3,000 in personal property such as pictures, books, clothing, burial plots, and more
Chapter 7 – it will most likely NOT discharge the following type of debts:
- student loans
- child support debts
This type of bankruptcy requires only one short hearing where you will answer questions from a trustee and a creditor or two.
If your request is approved, all qualifying debt could be wiped away in as little as 90 days.
Chapter 13 –Filing for Chapter 13 is an attempt to eliminate some or all of your debt.
It is referred to as a way to “reorganize” your finances on a repayment plan in which you agree to pay off past-due and current payments within 3-5 years.
This type of bankruptcy is perfect for someone who has a regular income and can afford to make regular payments.
Under Chapter 13, you agree to continue to pay for your current living expenses, including:
Usually when filing for Chapter 13, you are trying to protect property. For instance, if you are behind on house payments, it can stop foreclosure and help you catch up on those payments. Sometimes, it can discharge or wipe out a second mortgage on a home.
Chapter 13 will also stop repossessions on vehicle and allow you to pay the vehicle back at a lesser rate.
Life After Bankruptcy, What Now?
You are now DEBT FREE. The 800 pound gorilla has been taken off your back. You’re
back on your feet and ready to begin anew.
While it’s true that your credit score has taken a hit and bankruptcy will remain on your record for 10 years, you don’t have to wait to start rebuilding good credit.
Here are some tips for a healthy financial lifestyle:
- Get a secured credit card from your bank
- Make a budget and stick to it
- Build up a savings account
- Pay your bills on time
- Get copies of your credit reports to keep yourself updated on where you are and where you want to be
- Make sure you follow up with reporting agencies who are listing inaccurate information on your credit report or that continue to list discharged debt
Call us today at (205) 623-4443 for a FREE consultation or fill out the form below.