Chapter 7 Birmingham Understanding a Chapter 7 Birmingham Bankruptcy

Every person experiences financial issues throughout their lifetime and with the assistance of a  Chapter 7 Birmingham bankruptcy attorney, you can file bankruptcy without having to try to figure the process out on your own.  If you are a resident of Jefferson County, Shelby County, Blount County, Bibb County, Walker County, St. Clair County or Tuscaloosa County and find that you require the assistance of a bankruptcy attorney to help you file for Chapter 7, the below information will educate you on the process.

Getting Rid of Burdens

The largest benefit of filing for Chapter 7 Birmingham bankruptcy is that it will allow you start off with a financial fresh start and eliminate the overwhelming feelings associated with overwhelming debt.  It is essentially a way to liquidate your assets to discharge your existing debt.  The majority of people choose to file Chapter 7 as it is the easiest and fastest form of bankruptcy and it is offered to singles, married individuals, and corporations.

Eligibility

With the help of your bankruptcy attorney you will be able to determine whether you are eligible for Birmingham Chapter 7 or not.  Depending on the type of case that you decide on, the laws associated with your case may change.  This is why it is imperative that you seek the assistance of a professional.

In order to determine your eligibility, both your income and your expenses will be examined to see if you meet the requirements set forth by the United States Bankruptcy Code.  Under the 2005 Bankruptcy Reform Act, you are required to pass a means test prior to filing Chapter 7. The means test is a six month retroactive look at your income and expenses as compared to other people’s income and expenses in your community.  An experienced bankruptcy attorney will be able to ensure that all of your secured debt and deductions are taken into account to help you qualify.  If not, there are other forms of bankruptcy that you can use to your advantage.

Filing a Birmingham Chapter 7

If you choose to hire a bankruptcy attorney, they will do the majority of this work for you once you have provided all of the necessary information.

The first step to filing for Chapter 7 is to sit down and meet with a bankruptcy lawyer. During you interview, an attorney will review your financial situation to help you make an informed decision as to the best course of action for your situation. This will require you to give a list of all of your creditors and the amount that you owe, the source of your income, a list that includes all of your owned property, and a detailed list of the money that you spend on a monthly basis.

There are different exemptions and rules that you may come in contact with depending on your personal situation, which is where your lawyer will take over and assist you with the filing process.

If you are considering filing Chapter 7, please feel free to contact our office.  One of our Birmingham, Bessemer or Tuscaloosa lawyers will be glad speak with you. We offer a free consultation.  To prepare for you appointment, please read the information on our appointment page.  Take a look at what our clients are saying about us.