A lot of people look forward to receiving their tax returns each year because that sudden influx of cash makes it easier to pay for necessities and maybe a few extras. What happens to your tax return, however, if you know you plan to file for Chapter 7 bankruptcy...
Bankruptcy
Qualifying for Chapter 13 vs Chapter 7 bankruptcy
Successfully navigating the ins and outs of bankruptcy law in the United States requires some understanding of the different chapters under which individuals and businesses can file. Two of the most commonly utilized chapters for individuals are Chapter 7 and Chapter...
What is Chapter 7 bankruptcy?
Filing for Chapter 7 bankruptcy in Alabama offers individuals a pathway to discharge most kinds of unsecured debts, potentially providing a fresh start from overwhelming financial burdens. Understanding the specifics of Chapter 7 bankruptcy is crucial for Alabama...
3 facts about bankruptcy
Debt is a financial obligation that must be paid from a debtor to a creditor. Credit cards, medical bills, late fees and loans are all ways people may accumulate debt. Debt can cause many people to suffer financially. Because debt isn’t easy to recover from, many...
Avoid these mistakes before filing bankruptcy
Once you have made the decision to file for bankruptcy, you might feel a huge sense of relief. You can now make a fresh start and move forward with a clean slate. Preparing for your bankruptcy involves many different steps, such as reviewing your credit reports and...
What does bankruptcy look like for a debtor in Alabama?
When you declare Chapter 7 bankruptcy, you don't need to file a plan to repay your debt. With this type of bankruptcy, you will be assigned a trustee and that trustee will sell your assets that are not exempt and use the money to pay your creditors. Under the U.S....
Filing for bankruptcy can provide relief from financial hardships
Whether it is due to an unfortunate life event, such as a job loss or serious illness or injury, dealing with debt is not easy. It can feel overwhelming and stressful to navigate money problems, especially when you are doing everything in your power to avoid...
According to statistics, Alabama leads the nation in bankruptcy
For many people in Alabama, financial challenges are a persistent concern. With the last few years showing how quickly life can change with unexpected health issues, economic downturns and various upheavals, many Alabamans were confronted with the reality of...
Should I settle or pay off my medical debt?
Over the past few years, the topic of medical debt has never been hotter. And, after the Consumer Financial Protection Bureau released a report early this year finding that most medical debt was reported erroneous, the three major credit bureaus changed how medical...
Will you lose your home if you declare bankruptcy?
Many of us have been there: having thousands of dollars in credit card bills or medical bills and not knowing how they will get paid. Maybe you’ve been laid off from your job or you’ve been injured and not able to work for a period of time. Bankruptcy is a way for a...