ATHENS, AL BANKRUPTCY LAWYERS
Best Bankruptcy Attorneys Near Me in Athens
The prospect of declaring bankruptcy is a daunting one and something you shouldn’t have to face alone. As early as 2009, CNN reported that 62 percent of all personal bankruptcies in the personal bankruptcies in the United States could be traced to medical bills. Even more shockingly, many of those forced into bankruptcy by medical bills are middle-class people with health insurance. In 2012, Alabama ranked sixth in the most Chapter 7 and Chapter 13 filings in the United States. Whether you’re looking at Chapter 7 or Chapter 13 bankruptcy, the Athens bankruptcy attorneys at Ferguson & Ferguson can help you during this stressful time in your life.
If you live in Athens, you deserve a strong advocate who will ensure that your legal rights are protected. At Ferguson & Ferguson, we understand the many difficult challenges you face. From our office in Decatur, Alabama, our experienced Athens bankruptcy lawyers represent clients in bankruptcy court. Our consultations in bankruptcy cases are conducted with our attorneys in person. Our Athens bankruptcy lawyers will help you understand your Chapter 7 and Chapter 13 options. Our bankruptcy attorneys believe personal attention is required in such sensitive and often overwhelming situations. Many times, going bankrupt is not the solution. If bankruptcy is right for your situation, however, our experienced Athens bankruptcy staff can assist you in setting up credit counseling and in obtaining an up-to-date copy of your credit report so that the bankruptcy process goes smoother and is less stressful for you.
WHAT CAN BANKRUPTCY ATTORNEYS IN ATHENS DO FOR ME?
Bankruptcy is not right for everyone. The best way to determine the option that is right for you is to work closely with a reputable Athens bankruptcy law firm. Bankruptcy laws allow individuals such as yourself the opportunity to eliminate debts caused by past mistakes or unforeseen circumstances. Assuming you need to file a bankruptcy, the only way to determine which Chapter to file under is to first compare your options under the other available Chapters (with the assistance of a bankruptcy attorney). Chapter 7 and Chapter 13 bankruptcies are the most common consumer bankruptcy types. Chapter 7 bankruptcy involves liquidation and distribution of assets to creditors. Chapter 13 bankruptcy involves rehabilitation and government protection. Generally, Chapter 7 is the cheapest, quickest and least burdensome of the three major Chapters (the others being 11 and 13) of bankruptcy law. Costs and fees vary depending on the number of creditors you have, complexity of your case, and other factors. Bankruptcy can help you prevent foreclosure of your home, stop debt collector harassment and get a fresh financial start.
CHAPTER 7 BANKRUPTCY IN ATHENS ALABAMA
Chapter 7: Bankruptcy is a process which allows individuals to eliminate or discharge all, or some, of their debt in a legal and orderly fashion. Chapter 7 bankruptcy (Title 11 of the United States Bankruptcy Code) is commonly known to attorneys, lawyers, and others as a liquidating bankruptcy (liquidation), personal bankruptcy, or just plain “bankruptcy.” It is also referred to as consumer, although businesses can also file under Chapter 7.
Under any Chapter, you are required to list all of your assets and all of your debts on your petition. An asset is anything you own or may have a right to own at some future date (for example, if you are in someone’s will). Some (and, in many cases, all) of your assets will be exempt. Basically, you can exempt any items normally used for your support and maintenance, such as clothing, furniture, household goods, and so forth. After you file your case, a Trustee is appointed. He or she will liquidate or sell all of your non-exempt assets and pay your creditors according to the priority afforded to them by the Bankruptcy Code. You may voluntarily repay any debt upon agreement with the creditor. Whether this is ever advisable is questionable and is an issue to be discussed with your attorney or lawyer.
The goal of most personal bankruptcy attorney is to obtain a discharge or “” their client’s existing debts and to give them a fresh start on their finances. Technically, the word “bankrupt” is not the correct terminology when referring to getting rid of debts, but most people (even many attorneys) use that phrase. The correct legal term is “discharge”. You discharge your obligation to pay on debts. In other words, once your discharge is granted, you no longer need to repay the debts that were incurred before you filed your bankruptcy. Your creditors are entitled to share in the proceeds obtained from the liquidation of your non-exempt assets. Under Chapter 7, the amount your creditors will get is fixed by the value of your non-exempt assets. See Chapter 7.
CHAPTER 13: Banking IN ATHENS
Chapter 13 is called the wage earner’s plan and allows people with a regular income to develop a plan for repayment of debt. Even people who are self-employed can file for Chapter 13. The goal of most personal bankruptcy cases is to discharge your existing debts by repaying all or a portion of them and giving you a fresh start on your finances. In other words, once your discharge is granted, you no longer need to repay the debts that were incurred before you filed your bankruptcy.
When someone files for bankruptcy under Chapter 13 of the Bankruptcy Code, their aim is to have the opportunity to repay some or all the debts in their name in better terms, i.e. lower or no interest. Unlike Chapter 7, which involves liquidation of assets, this process involves restructuring debts, which allows the debtor to use whatever income they may have in the future to pay off the creditors. Filing Chapter 13 Bankruptcy is thus applicable for a debtor who has a regular income but desires to repay their creditors but are in financial difficulty. The maximum amount of time to pay back creditors is 5 years. Among other things, it offers great opportunities to pay off past-due mortgage arrears or car payments over 36–60 months, giving you time to catch up and keep your property. It is often referred to as a “mini-Chapter 11 by many bankruptcy attorneys and lawyers because you usually repay something to your creditors, retain your property and make payments under a Plan. Chapter 13 can help you protect and keep all your assets, stop foreclosure sales and catch up on past-due mortgage payments over time, remove liens, such as second mortgages, on your property, discharge unsecured debts (such as credit cards, medical bills, certain taxes, and more) by doing an affordable repayment plan from 0%-10 0% to 100%, and repay debts with zero percent interest.
Experienced Bankruptcy Attorney in Athens, AL
Our seasoned Athens bankruptcy lawyers have been representing Athens residents for many years. Our successful case results and satisfied past clients are a testament to our experience and commitment to our clients. Together, Ferguson & Ferguson attorneys have more than 60 years of collective experience representing clients in Athens, Moulton and Hartselle, Alabama. We are conveniently located in downtown Decatur. We offer a free consultation and will give you an honest assessment of your financial situation. We can make the bankruptcy process affordable, and we will guide you through the entire bankruptcy process.
Bankruptcy FAQ’S
How much does a bankruptcy lawyer cost?
How much does an Athens bankruptcy lawyer cost?
Bankruptcy lawyer fees can range from $600 to $4,000 depending on location, experience, case complexity, and bankruptcy type. Filing fees are $338 for Chapter 7 and $313 for Chapter 13, regardless of location. Chapter 7 discharges unsecured debt, while Chapter 13 creates payment plans for secured debt to protect your home or car.
Can I file for bankruptcy without a lawyer?
It’s true that you can file for bankruptcy without legal help, but it’s not recommended. Bankruptcy lawyers have the expertise and experience necessary to file the paperwork quickly and accurately, increasing the chances of your case succeeding. They can also guide you in choosing the right type of bankruptcy for your specific situation. People file for bankruptcy due to various reasons, such as medical bills, credit card debt, unemployment, divorce, or unexpected emergencies. If you’re struggling to pay off your debt, it might be a good idea to consider speaking to a bankruptcy lawyer and creating a debt relief plan.
How long do bankruptcy cases take?
Chapter 7 bankruptcy cases typically take 4 to 6 months in Alabama, as long as the paperwork is complete and filed correctly and there are no major delays caused by the court or creditors.
Chapter 13 cases take much longer because they are contingent upon the payment plan the court makes for you. Most repayment plans last 5 years, but they can be faster depending on the circumstances.
What happens to my credit after I file bankruptcy in Athens, Alabama?
It’s important to be aware that if you file for bankruptcy, it will be reflected on your credit report and stay there for a certain amount of time. For Chapter 7 bankruptcies, this period is up to 10 years, after which the bankruptcy will be discharged and your credit score will begin to recover. For Chapter 13 bankruptcies, the time frame is up to 7 years, but if you make consistent payments towards assets like your car or house, your credit score may start improving even before then.
How do I choose a bankruptcy lawyer?
If you’re in need of a bankruptcy lawyer, it’s important to choose the right one. First, start by searching for a list of bankruptcy lawyers in your area. Once you have a list, don’t just settle for the first one you find. Get estimates from at least three different firms to compare.
To ensure you’re getting the best possible representation, read reviews about previous cases handled by the attorney. Look for a lawyer with a good reputation and experience in handling bankruptcy cases. It’s important to choose a lawyer who makes you feel comfortable and at ease, as this is someone you will be working closely with. If possible, choose a firm that is conveniently located. And don’t forget to get a written estimate and contract before any casework begins.
Finally, follow a payment plan instead of making large payments up front. This will help ensure that you are able to afford the legal fees associated with the bankruptcy case. By following these steps, you can choose a bankruptcy lawyer with confidence and peace of mind.
What questions should I ask my Athens bankruptcy attorney?
If you’re looking for a bankruptcy lawyer, it’s crucial to ask the right questions to ensure that you’re hiring the best attorney for your needs. Don’t be afraid to be assertive and ask the following questions:
How many years of experience do you have in practicing law?
Do you provide free consultations?
Are you currently accepting new clients?
What are your rates, and do you charge a flat rate or an hourly rate?
Will you provide me with a written contract?
Asking these questions will give you a clear understanding of the lawyer’s experience, availability, fees, and expectations and help you make a more informed decision on which lawyer to hire.
Free Bankruptcy Case Evaluation
It is important to act quickly to ensure your legal rights are protected. If you or a family member have bankruptcy questions in Athens, we are happy to help you with your case. Call now 256-534-3435 or 256-350-7200. We are here to help.
When choosing a bankruptcy lawyer, start by searching for a list of lawyers and getting estimates from at least three firms. Do your due diligence and read reviews before choosing an experienced lawyer with a good reputation. Ensure that they are qualified and able to represent you, and choose someone who you feel comfortable with. Make sure the location is convenient for you. Get a written estimate and contract before proceeding, and follow a payment plan. Remember, it’s essential to take charge of your search and choose a lawyer that you’re confident will provide the best representation for your needs.
Huntsville Office Location:
303 Williams Avenue SW
Suite 321
Huntsville, AL 35801
Decatur Office Location:
211 Oak Street, NE
Decatur, AL 35601