Whereas in the days of old, people did everything they could to avoid bankruptcy, in today’s times, bankruptcy is not looked upon as harshly. Bankruptcy may be the smartest option for some people to choose when their entire debt ratio is looked at, and it may be a way for them to get a fresh start. Bankruptcy Lawyers in Tallassee AL advise and represent clients who are seeking the bankruptcy option. Here is a look at the common bankruptcy options that clients choose.
Common Bankruptcy Options
There are several bankruptcy options that people or businesses can choose, but the two common options chosen by individuals are Chapter 7 and Chapter 13. The first option is a complete liquidation of a person’s unsecured debts, enabling the person to start over financially. The second option is simply another term for a reorganization of the person’s debts so that a portion of the debt can be paid off promptly set by the court (usually three to five years). In either case, a person would be wise to select an attorney to help complete the bankruptcy process.
More about the Bankruptcy Process
In the Chapter 13 bankruptcy, people generally want to try to keep all of the property and possessions they own, and a plan is proposed to help them do so. This is the option chosen when people have homes they want to keep out of foreclosure, or if they want to avoid repossessions on items, such as a car or truck. An attorney can help these people get their debts in an acceptable reorganization plan approved by the court system, and may even be able to pay only a portion of the unsecured debts.
Who to Call in Tallassee, Alabama
Many bankruptcy lawyers are available for potential clients to call upon to see how they can help them. Courtney & Mann LLP is a law firm in Tallassee, Alabama that assists clients with settling their bankruptcy issues. If there are any individuals in need of talking to Bankruptcy Lawyers in Tallassee AL, the law firm is available and can be reached at the website, Courtneymann.net.