Bankruptcy
Get a fresh start today-And Get out of Debt!
Call toll-free- (866) 347-2889- I’ll be there for you!
Economic Instability and Massive Unemployment in the U.S. Forces Many into Bankruptcy
Due to continued economic instability in the United States and worldwide, as well as massive unemployment during the past several years, more people than ever before are finding themselves faced with massive debt and creditor harassment. After losing their jobs or other unexpected financial reversals, some people are faced with losing their homes due to mortgage foreclosure, and their cars due to repossession. Still others are suffering from the effects of overwhelming credit card debt, and are being harassed day and night by creditors and bill collectors.
Don’t let this happen to you! Stop creditor harassment immediately. There is help and legal advice is available at the Law Office of Joseph C. Kreps, L.L.C., the Birmingham, Chapter 7 and 13 bankruptcy lawyer. Contact me today for a free, initial consultation
Chapter 7 bankruptcy is a form of liquidation. The person who is filing for Chapter 7 bankruptcy must turn over his or her nonexempt property to the trustee of the bankruptcy court. This property is then liquidated and used to pay creditors. The trade-off is that the debtor is then eligible for a discharge of his or her debt.
Some Chapter 7 bankruptcy filers believe they will lose every thing they own. That is not the case. “Nonexempt” property is the key to this discussion of Chapter 7 bankruptcy.
Nonexempt items are primarily what one would consider luxury items such as second cars, mink coats, luxury vehicles over a certain amount, as well as valuable stamp and coin collections. Keep in mind however, that everyone’s situation is different, and all decisions must be made in the appropriate context. An experienced Alabama bankruptcy attorney can advise you. Contact me for a free, initial consultation so that we can discuss your options.
Chapter 13 Bankruptcy is sometimes referred to as “debtors’ court,” and differs somewhat from a Chapter 7. By filing for Chapter 13 Bankruptcy, you agree to a reasonably affordable payment plan for a period of 3 to 5 years. At the completion of your plan, the unpaid balance on most of your debts that you were not able to satisfy under the plan is discharged by the bankruptcy court, and you have a fresh start.
This plan works better for people who have valuable, exempt and nonexempt property they wish to keep, and who have a steady income that allows them to make reasonable, consistent payments on their debts. If you are considering filing for bankruptcy , you should contact the Law Office of Joseph C. Kreps, L.L.C., in Birmingham, Alabama to discuss your options before you file. Contact me for a free, initial consultation and legal advice regarding credit card debt.
Get a fresh start today-And Get out of Debt!
Call toll-free- (866) 347-2889- I’ll be there for you!