Every morning, there are Alabama residents who wake up to many messages from bill collectors in their voice mail. It’s very stressful for them not to have the money to pay their monthly bills. Often, this situation is caused by an illness or job loss. Those victims hope that when they recover or get a new job they can get caught up. However, they fall so far behind that catching up becomes impossible. Instead of feeling hopeless and embarrassed, contacting a Bankruptcy Attorney in Birmingham AL, for help is the next step to take. He can show them the best way to begin the journey to financial stability.
If the person has made less than the median income for the state of Alabama for the past six months, he can use Chapter 7 to declare bankruptcy. As soon as the attorney files for bankruptcy, all of the creditors must stop asking the debtor for money. This will greatly improve the debtor’s quality of life. The bankruptcy court will appoint a trustee to oversee the bankruptcy process. That person is responsible for calling a meeting of the creditors and selling selected property. Many people dread the thought of seeing all of their creditors in one place, but they have to remember their Bankruptcy Attorney in Birmingham AL, will be with them. In reality, very few creditors attend the meeting. Most of those meetings last less than 10 minutes.
The bankruptcy trustee is limited in what possessions he is permitted to sell. Many states don’t allow the trustee to sell a person’s home, car or tools needed to make a living. The debtor’s lawyer will make sure that no protected assets are sold. Once the sale is complete, all of the proceeds will be divided among the creditors. Any outstanding debt covered by the bankruptcy law will be forgiven. The debtor should understand that bankruptcy won’t erase student loans, child support or taxes owed.
People unable to pay their bills should Meet Forstman & Cutchen. They are lawyers in Birmingham who handle bankruptcy cases. All conversations with them will be kept completely confidential. Call them today to set up a consultation.