Most people in Alabama are hard workers, dedicated to supporting themselves and their families. Unfortunately, even those with the best of intentions can experience an unexpected medical situation or the loss of a job, ultimately resulting in significant financial hardship and debt. This debt can quickly become overwhelming, leaving people wondering about their options for debt management. Depending on the individual circumstances, filing for bankruptcy may be the best path.
Once the decision to seek such protection has been made, a potential petitioner must also choose which form of bankruptcy to seek. Chapter 7 is often considered the most direct option. As part of the proceedings, a petitioner's nonexempt property will be sold and the proceeds of that sale are distributed to creditors. Though this option is controlled by strict income limits, the individual can start again immediately with a clean financial state once the process is complete with the debt discharged.
