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Bankruptcy and Debt law in Hoover, similar to many parts of the United States, aims full or partial debt relief or a restructured payment plan for individuals or corporations unable to fulfill their financial obligations. It offers protection to both debtors and creditors. There are several types of bankruptcy, each detailed in a different "chapter" of U.S. bankruptcy code, with the most common types being Chapter 7, Chapter 11, and Chapter 13.
Bankruptcy and debt issues can be sensitive and complex. A lawyer can guide you through all aspects of the process such as evaluating your financial position, advising on the best course of action and legal avenues, assisting with the completion and filing of legal documents, negotiating with creditors, and representing you at court hearings. Additionally, legal counsel will help to ensure your rights are protected and you are aware of all your responsibilities.
In Hoover, like the rest of Alabama, laws are based on the U.S. Bankruptcy Code but also involve local and state laws. For instance, when filing for bankruptcy, the Alabama exemptions determine what assets you can keep. Besides, the median income in Alabama impacts who can file for Chapter 7 bankruptcy. Certain documents such as recent tax returns, pay stubs, and deeds to property will also be required by local law when filing for bankruptcy.
No, not all debts can be discharged in a bankruptcy. Certain types of debts, such as student loans, child support, alimony, and certain taxes are typically nondischargeable.
A Chapter 7 bankruptcy allows for a full discharge of allowable debts whereas a Chapter 13 bankruptcy allows for a structured repayment of debts over a 3-5 year period.
A Chapter 7 bankruptcy typically stays on your credit report for ten years while a Chapter 13 bankruptcy stays for seven years.
Not always, it greatly depends on your specific circumstances, the type of bankruptcy you file, and the exemptions you claim.
After a Chapter 7 bankruptcy, you must wait eight years before filing another Chapter 7, and four years before filing for Chapter 13. After a Chapter 13 bankruptcy, you must wait two years to file another Chapter 13 and six years to file for Chapter 7.
The U.S. Trustee Program, a component of the U.S. Department of Justice, provides information and resources related to bankruptcy. The local courthouse and government websites may also provide useful information and resources. Nonprofit credit counseling agencies can also provide support.
Consult a bankruptcy lawyer right away if you are considering filing for bankruptcy or if you need help with a debt-related issue. Evaluate the credentials and experience of potential lawyers and schedule consultations with a few before making a selection. Remember to prepare your financial documents and a list of your debts and assets for your initial consultations.
