Chapter 7 Bankruptcy Attorney in Birmingham

Helping Clients Restore Their Financial Health

Bankruptcy tends to have a bad connotation and people often scoff at the mere thought of it. However, it is a useful tool that provides a fresh start for those overwhelmed by insurmountable debt. In many cases, it is the only hope some have of ever breathing new life into their credit score. At Ingram Law, LLC, our Birmingham bankruptcy attorney will help you navigate the process of filing for a Chapter 7 bankruptcy, so you can begin to look toward a brighter future, unburdened by debt. There is nothing taboo about getting your finances back on track.

Contact Ingram Law, LLC in Birmingham to set up an initial consultation and learn more about the services we provide.

Do I Qualify for a Chapter 7 Bankruptcy?

Not everyone can file for a Chapter 7 bankruptcy. To know for sure if you qualify, you must take the means test. If you do not qualify for a Chapter 7 bankruptcy, this does not necessarily mean you cannot file for bankruptcy at all. You will likely be able to file for a Chapter 13 bankruptcy.

Here are some strong indicators that you qualify for a Chapter 7 bankruptcy:

• Your debts are more than half your annual income
• You do not have disposable income
• It would require 5 years or more to clear your debts
• Your monthly income is less than the median in your state

What Will Happen to My Assets & Property?

Chapter 7 bankruptcy is frequently referred to as a liquidation bankruptcy since possessions are often sold off to repay existing debts. However, some personal property is exempt from being sold during this process, depending on the value. You can potentially keep your car, your home, and personal property, such as books, appliances, and jewelry, assuming they do not exceed a certain limit. Additionally, any health aids you rely on are fully exempt.

Will All of My Debts Be Eliminated?

A Chapter 7 bankruptcy will wipe out all of your credit card bills, personal loans, medical bills, promissory notes, and other forms of unsecured debt. Some of your nonexempt property will be sold and used to pay off some of your unsecured debts, however.

The debts you cannot discharge in a Chapter 7 bankruptcy typically include:

• Certain taxes
• Court fees
• Spousal support or child support
• Student loans
• Court fines and penalties
• Debts for personal injury

In some rare cases, student loan debts can be discharged, but it is not common. Moreover, not all of your credit card debts will necessarily be automatically discharged. If you owe a substantial sum of money to a single creditor for the purchase of luxury goods, the creditor can go to court to argue that your debts are fraudulent and, as a result, should not be discharged.

Speak to an Experienced Bankruptcy Attorney Today!

If you are unable to pay off your debts, a Chapter 7 bankruptcy can help get you back on your feet and put an end to your financial struggles. At Ingram Law, LLC, our bankruptcy attorney in Birmingham will provide the legal advice you need to make the best decisions for your circumstances.

Contact our law office today at 205-335-2640 to discuss your case and learn more about what our team can do for you.