While it is never easy for anyone to come to the decision to file for Bankruptcy, it is sometimes the only answer to reach. Many people put it off thinking things will turn around or feeling that if they do it that it is a sign of failure. By putting off the decision all it does is cause things to get worse, add to the stress of the situation, and prolong it as well. Life occurrences happen that most do not have control over, whether it is a loss of income due to hours being cut by the company they work at or major medical problems that insurance did not pay all the bills. No matter what the reason, you should consult, Chapter 13 bankruptcy lawyers In Prattville AL.
The first thing will be to meet for a consultation with the attorney you choose. They will ask you questions to make sure that you qualify for this type of filing. You must have a regular income from either a job or from self employment. This type of filing is in Chapter 13 which is the reorganization of your debt. What this does is it allows you to take the debt that you have, such as a house or a car, and reorganize your payments so that you are able to catch up on what you are behind on those. This type of bankruptcy does not forgive your debt completely, it allows you to do is pay it off at an amount that is what you can afford.
The trustee at the courts will be assigned to your case, they will set up a payment plan of between 3-5 years that you must pay a certain amount to the courts and they will divide it over the creditors each month. This payment is normally made directly to the courts through an automatic withdraw from your paycheck before you receive it. Once all these payments have been made then the rest of the debt is forgiven. This type of bankruptcy allows you to keep your home and car, just reorganizes it to make the payments easier for you.
Meeting with a Chapter 13 bankruptcy lawyers in Prattville AL will stop the harassing phone calls from debtors that you have been receiving. By doing this you are giving yourself the option of a new start toward financial freedom in the future.
