Best Bankruptcy Lawyers in Pelham

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The Harris Firm LLC
Pelham, United States

Founded in 2007
5 people in their team
English
The Harris Firm was founded by Attorney Steven A. Harris as a statewide law firm that helps individuals throughout Alabama mainly in the areas of family law and divorce.  Many of these cases are worked on a retainer basis or flat fee. We also provide certain legal services at discounted flat...
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About Bankruptcy Law in Pelham, United States

Bankruptcy law in Pelham, United States, is based on federal law, which allows individuals and businesses unable to pay their debts to get a fresh start through the liquidation or reorganization of their finances. Although laws are federal, aspects such as exemptions are particular to each region, which makes it essential for residents of Pelham to understand their local laws.

Why You May Need a Lawyer

Consulting with a bankruptcy lawyer can be vital due to the complex nature of bankruptcy proceedings. Debtors often require legal assistance to understand their rights, obligations, and available options. A lawyer can provide guidance on whether bankruptcy is the best course of action based on an individual's financial circumstances, choosing the right type of bankruptcy (either Chapter 7 or Chapter 13), and ensuring proper filing of all necessary documents.

Local Laws Overview

While bankruptcy laws are largely federal, there are some local implications you should be aware of in Pelham. For instance, Pelham has specific exemptions that determine what property an individual can keep when filing for bankruptcy. Also, the median income in Pelham may affect your eligibility for Chapter 7 or Chapter 13 bankruptcy. It would be best to consult with a local attorney who is familiar with these particular laws to navigate your case effectively.

Frequently Asked Questions

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, allows debtors to eliminate most of their unsecured debts. In contrast, Chapter 13 bankruptcy, or reorganization bankruptcy, allows debtors to create a repayment plan to pay back their debts over a certain period.

Will I lose all my property if I file for bankruptcy?

No, not necessarily. Certain assets can be exempted in a bankruptcy proceeding, depending on the laws particular to Pelham.

How does bankruptcy affect my credit?

Bankruptcy can have a significant negative impact on your credit score and will remain on your credit report for 7 to 10 years. However, by maintaining good financial habits post-bankruptcy, you can work towards rebuilding your credit score.

Does bankruptcy discharge all types of debts?

No, bankruptcy does not discharge all types of debts. For instance, student loans, child support, alimony, and some tax debts are typically not discharged in bankruptcy.

Can I file for bankruptcy more than once?

Yes, you can file for bankruptcy more than once. However, there are specific time limits between filings to receive a discharge.

Additional Resources

The U.S. Trustee Program, a component of the Department of Justice, often provides resources for individuals seeking bankruptcy guidance. It may also be helpful to check out resources provided by the American Bankruptcy Institute, which provides comprehensive information about bankruptcy. Local law libraries or legal aid societies can also offer valuable resources to individuals exploring bankruptcy.

Next Steps

If you believe bankruptcy may be the best route for you, it is advisable to consult with a local attorney who specializes in bankruptcy. They can review your financial situation, discuss your options, and guide you through the complex bankruptcy process. Remember, the bankruptcy process should be approached thoughtfully, as it can have a lasting impact on your financial future.

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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.