Many people have debt and sometimes despite their best efforts, they are unable to pay what they owe. They may decide to file for bankruptcy and there are two types to consider, Chapter 7 and Chapter 13. Chapter 7 bankruptcy Chapter 7 bankruptcy is known as a...
Here’s how bankruptcy affects credit and what you can do about it
Personal bankruptcy is a very real option for those looking to obtain debt relief. But if you’re like most people, then you probably already have some preconceived notions about bankruptcy. In most instances, those perceptions are negative. Some people think that...
Can a bankruptcy help me save my home?
Families in Mobile who get behind in their house payments are probably looking for some alternatives to losing their home. Even if they are otherwise in okay shape financially, the family may consider filing for bankruptcy if only to be able to stay in their house. In...
As protections come to an end, a bankruptcy spike could follow
In Birmingham and throughout Alabama, people have experienced inordinate struggles due to the unforeseen circumstances since early-2020. To help them account for issues like job loss, diminished income, medical expenses and more, protections were implemented so people...
What happens if you stop paying your credit card bill?
Most Mobile area residents have at least one credit card. In fact, the average American has four credit cards. Making monthly payments on these credit cards can be challenging for some people, especially if they have lost their job or have many other unexpected...
Will bankruptcy help you discharge your student loans?
The pause on student loan payments, precipitated by the current recession, has provided financial relief for many Americans. Since March 2020, borrowers have experienced forbearance on all loans owned by the U.S. Department of Education. This arrangement not only...
What is the means test of Chapter 7 bankruptcy?
There are two types of personal bankruptcy that Alabama residents may consider when they are stuck under the weight of burdensome financial debt. The first is Chapter 7 bankruptcy, which involves the liquidation or sale of a debtor’s assets to pay off their creditors....
Do I have to give up everything I own if I file for bankruptcy?
Many Alabamans are struggling with debt due to unprecedented financial challenges this year. Fortunately, there are legal options for debt relief, such as a Chapter 7 bankruptcy, that can offer much needed help. What is Chapter 7 bankruptcy? Chapter 7 bankruptcy is...
Is bankruptcy right for you?
When Alabama residents get to the point where they are considering bankruptcy as an option to address their debt, they have usually considered all other options. Although household budget adjustments or debt consolidation plans can sometimes be enough to get debt...
Differences between Chapter 7 and Chapter 13 bankruptcy
Financial struggles can be difficult for Mobile residents to overcome on their own. When they cannot work to reduce their debts and feel stuck with bills they cannot pay, it may be time to talk to professionals who understand legal and effective methods of debt...
