Debt collectors have started to call daily and the person receiving the calls is also receiving repossession and foreclosure notices for their vehicles and home. It’s an incredibly stressful time for them, and they may have no idea where they can turn for help with their debt issues. In many cases, they’ll have tried everything they can think of to erase the debts. They may have tried paying a small amount on everything each month, trying to get a second job to repay the debts, or trying to negotiate a smaller debt they can repay faster.
If they have tried anything they can think of and aren’t sure what to do next, they may want to consider speaking with a bankruptcy attorney in Bessemer, AL. The bankruptcy attorney will let them know if they’re eligible for bankruptcy and help them determine which chapter is going to be the right one for their situation. A person who is not a business owner may want to choose chapter 7 or chapter 13, depending on their income. Anyone who owns a business may need to choose a different chapter as their business may be tied into their personal finances.
Once the attorney has helped them determine the right chapter, the next step is to go through the bankruptcy process. This is different for each chapter, but all of them start with determining what debts the person has, their current income, and filing an application for the bankruptcy. The lawyer will be able to walk the person through the entire process so the person will always understand what’s going to happen next and what the final outcome is if they successfully complete the bankruptcy. The attorney can also explain how long the process will take as this differs between the chapters as well.
Anyone who finds themselves in a situation like the one above will want to contact a bankruptcy attorney in Bessemer, AL for help. While it’s not necessary to hire a lawyer, it does significantly increase the chances of the bankruptcy being successful and helping the person get their finances back in order again. For more information or to speak with a lawyer about a consultation for bankruptcy, visit Forstman & Cutchen, LLP online today.
