Montgomery Bankruptcy Lawyers
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If you are in need of some debt relief and are seeking some financial advise, then call and speak with our Montgomery bankruptcy lawyers today.
Filing for Bankruptcy
If you are drowning in debt and it seems like you will never get caught up, then filing for protection under the Bankruptcy Code might be the best option, depending on your particular financial situation. If you find yourself fighting an uphill battle financially and do not see a way out of it, then give our Montgomery bankruptcy lawyers a call and let us answer any questions you may have.
Many people have found themselves in these types of situations due to such life changing events as divorce, injuries, loss of a job, or even certain personal difficulties that cause one to go through a difficult period in their life. These types of situations can cause anyone to go through a tough financial time and spiral into debt so quickly that they are in over their head before they realize it.
If most of your debts are unsecured (meaning that the debts are not secured by property such as a house or vehicle), and they are not student loans, child support, recent tax debts, or certain other specially protected debts, then you may be able to file a Chapter 7 bankruptcy. This type of bankruptcy can eliminate your obligation to pay these types of debts very quickly, with most Chapter 7 cases lasting about three months. At the end of the case you will receive something called a discharge, eliminating these debts and giving you a fresh financial start.
That ability to eliminate debts so quickly is what makes a Chapter 7 bankruptcy so powerful. In order to file this type of bankruptcy you must qualify, and in order to qualify there is an income based test that is applied. The test is based on your average gross monthly income for the six months prior to filing. Once your case is filed, you will have to go to one hearing called a Meeting of the Creditors or a 341 hearing. No creditors usually show up for this hearing and, if you live in the Montgomery County area, then it will be held in the Federal Courthouse in Montgomery, Alabama.
Filing for Bankruptcy in the Montgomery Area
If you are in Montgomery or the surrounding areas of Prattville, Selma, or even down in Dothan or Auburn, then you will most likely be filing in the United States District Court in the Middle District of Alabama and your Meeting of the Creditors will likely either be held in the federal courthouse in downtown Montgomery, Opelika, or in Dothan (depending on your county of residence). Our bankruptcy lawyer will be with you at this hearing, there is no judge, and no creditors usually show up. When your bankruptcy is filed there is an attorney called a Trustee that gets appointed to your case. Among other responsibilities, the Trustee must ask you questions under oath to ensure you are telling the truth about your assets, income, and all other information in your bankruptcy schedules and petition. The Trustee will ask you certain questions at this Meeting of the Creditors, usually concerning your assets and income.
There can be issues in your Chapter 7 case if you have substantial assets or if you have a large amount of equity in your house, vehicles, or other property. If you do have assets, then this type of bankruptcy may not be the best option for you and it is important that you contact an experienced bankruptcy lawyer to go over your situation with you.
If you are considering filing for debt relief, then call our Montgomery bankruptcy attorneys today and let us answer your questions and counsel you and your family through this difficult financial time.