Many people think bankruptcy is just a matter of answering a few questions on some forms and off you go. Unfortunately, many people only learn when it is too late how specific to each unique case bankruptcy is.
For that reason, we at Friedlander Law Firm in Alabama pride ourselves on the individually tailored representation we deliver to you when you work with us. Nevertheless, some general bankruptcy FAQs can be used to begin understanding some of your issues. These answers, however, should not be relied upon as actionable legal advice.
Why would I file bankruptcy?
If you are in an extremely difficult financial situation, bankruptcy may be for you. Many times, unexpected expenses get out of control. Medical bills, credit card debt and changes in employment may be appropriate reasons for filing. Sometimes the dissolution of marriage makes bankruptcy necessary. Regardless of your unique situation, our attorneys can assist you in deciding what is best for your financial future.
How do I know which chapter bankruptcy to file?
There are many factors to consider when choosing to file Chapter 7 or Chapter 13 bankruptcy. When you meet with our attorneys, we will consider all the determining factors of your financial situation. From there, depending on your overall goal, a lawyer will make suggestions about liquidation or a repayment plan.
How much will it cost me?
In a bankruptcy filing, there are often no upfront costs. We offer free consultations in our Mobile office to help you decide if this is the route you would like to take.
What is an automatic stay?
After you file bankruptcy, this is an order put into effect that prohibits creditors from further contact with you. Once creditors are informed of your bankruptcy filing, they may no longer harass you. If they do, they may be fined.
Will bankruptcy affect my credit?
Filing bankruptcy will likely affect your credit for a period of time. However, since it is a means of clearing up your debts, it may not be all bad. Though loan interest rates may be higher, bankruptcy may enable you to finance what you need in a more manageable way moving forward.
Can I keep my house?
It depends on your circumstances and what you believe will be the best course of action. In some circumstances, filing bankruptcy is the only way to keep your house and get caught up on payments.