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Bankruptcy is never a pleasant experience. The lawyers at FULMER | MAY | STUCKEY have helped many people who need to file for bankruptcy. We’ll help you to understand the law and also help you navigate the complex bankruptcy process.
If you have a lot of debt, it may be sensible to declare bankruptcy. However, you should consult with a bankruptcy attorney to make sure everything is in line with bankruptcy law.
Our bankruptcy lawyer team is among the top in Birmingham. That means that you can be confident that you’re dealing with a bankruptcy attorney who will treat your case with the attention it deserves.
From your initial consultation to appearing in court, our team of Birmingham, AL attorneys are there to make the bankruptcy process go as smoothly as possible.
We’re a leading name in the bankruptcy law field in Birmingham, Alabama. Please contact us now for more information, or if you have any questions concerning bankruptcy.
How can FULMER | MAY | STUCKEY help? Let’s have a closer look.
Dealing with Bankruptcy
We understand that bankruptcy can be extremely difficult for both you and your family. That’s why our bankruptcy attorneys can take on your case and represent you throughout the entire process.
You may not need to appear in court or put up a defense. However, if the need arises, our Birmingham bankruptcy attorneys are here to help with all areas of the law concerning your case.
Let’s talk about the process involved in filing for bankruptcy, and also about the two major types of bankruptcy that you are most likely to be filing for.
Chapter 7 Bankruptcy
What is Chapter 7 Bankruptcy? It’s the preferred method of bankruptcy for people who are currently drowning in their debt.
A Chapter 7 bankruptcy ruling can help you eliminate a large proportion of your unsecured debt within a 90-day period. It’s the most convenient of the two main types of bankruptcy.
Am I Eligible for Chapter 7 Bankruptcy?
To qualify for Chapter 7 bankruptcy you must pass a “means test.” This process calculates your disposable income after allowed deductions for family and any other monthly expenses that you may have, according to the state of Alabama.
The means test will involve you providing information on income and expenses, to include secured and unsecured debt. We will provide a bankruptcy attorney to be with you all the way through the process to verify your eligibility.
When you qualify for chapter 7 bankruptcy, you could see most – or perhaps all – of your unsecured debt erased. This is the ultimate goal that we have in mind with this certain type of bankruptcy.
Two-thirds of all bankruptcy cases in Alabama are Chapter 7, but not everyone qualifies. If it turns out that you don’t qualify for this type of bankruptcy, Chapter 13 bankruptcy might be a better fit for your situation.
What happens if you qualify for Chapter 13 bankruptcy instead? Let’s explain this option in more detail.
Chapter 13 Bankruptcy
You may qualify for Chapter 13 bankruptcy when you have an income greater than that listed as the median average in Alabama, or if you do not pass the means test for other reasons.
With chapter 13 bankruptcy, your debts won’t be written off entirely. This means that you’ll be required to pay your debtors off over a certain period of time.
No matter the case, a Birmingham bankruptcy attorney will be with you all the way. So, let’s explain what happens during a Chapter 13 bankruptcy in more detail.
More About Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you’ll be working with the Bankruptcy Court to sort out a 3 to 5-year repayment plan. This means that you’ll pay your creditors off over that time.
The advantage of this is that the Bankruptcy Court will prioritise your important bills – such as your mortgage, or any automotive loans that you may have. This way, you satisfy those major creditors first. Following that, any other creditors you have will be paid off to a certain degree after 3 to 5 years.
The downside of a Chapter 13 bankruptcy is that you remain bankrupt for as many as 5 years. During that time you must keep up with the repayments or you could risk owing your creditors even more.
Our bankruptcy attorney team is here to help you with all aspects of bankruptcy law. We’re here to take your call and arrange an initial consultation with one of our attorneys to discuss your bankruptcy case.
How To File for Bankruptcy
You first need a bankruptcy lawyer to represent your case in the bankruptcy court. At FULMER | MAY | STUCKEY we handle all aspects of the bankruptcy process for you. The process of filing for Chapter 7 bankruptcy and Chapter 13 bankruptcy is much the same. Let’s explain how the process goes:
Your first step is to arrange an initial consultation with one of our bankruptcy attorneys or another lawyer on our team. This can be done by telephone or by arranging a personal meeting with our firm.
When you contact us, we’ll supply you with a bankruptcy questionnaire to complete before our next meeting with you.
Results of Consultation
In addition to your completed bankruptcy questionnaire, we also require your last two years tax returns, six months income details, and a list of your creditors including the account details. Then, our bankruptcy attorney will decide whether or not bankruptcy is the way forward for you.
For so many people struggling with debt in Birmingham, it’s the right answer. At FULMER | MAY | STUCKEY we’re here to help Birmingham, AL residents make the right decision concerning bankruptcy.
You can be confident you’re in good hands when you talk to a Birmingham Bankruptcy Attorney in our firm. If you’re under pressure from debt and want to sort it all out, get in touch with one of the bankruptcy team members at FULMER | MAY | STUCKEY and let us help take the pressure off.