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November 2021

Nov 18
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Chapter 7 Bankruptcy Attorney in Opelika, AL

By Chapter 7 Bankruptcy No Comments

Hire an Opelika bankruptcy attorney for your Chapter 7 bankruptcy case. 

Alabama Middle District Bankruptcy Statistics

From 2017 – 2018, bankruptcy filings in Alabama’s Middle District, the district of bankruptcy courts in which Opelika is located, have decreased by 2.8%. When the COVID-19 pandemic arrived in the United States in early 2020, though, this trend was expected to change as bankruptcies across the nation were predicted to drastically increase.

However, with the financial help provided through the multiple rounds of stimulus checks provided by the federal government, consumer bankruptcy filings through Chapters 7 and 13 bankruptcies actually decreased.

DISCLAIMER: The following blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.

Need Bankruptcy Help? Call David S. Clark

Interest in Bankruptcy on the Rise in Opelika

Now that a lot of the direct government financial assistance is no longer available to Americans, Opelika residents are once again considering filing bankruptcy in order to avoid complete financial ruin. In just the last month at David S. Clark, we have seen over a 65% increase in inquiries.

Many are searching for Opelika bankruptcy lawyers that can help them work through the process of Chapter 7 bankruptcy.

Chapter 7 Bankruptcy Basics

Chapter 7 bankruptcy relieves a debtor from his or her debts by means of liquidating (turning assets like a car or home into cash) the debtor’s assets and distributing the funds gained from this liquidation to the debtor’s creditors.

Not everyone is able to file Chapter 7 bankruptcy though. Those wishing to do so in Opelika, AL must:

  • Be subject to a means test.
  • Appear before a bankruptcy court.
  • Receive financial counseling from a professional credit counselor.

If a debtor is able to declare Chapter 7 bankruptcy, then he or she will submit a petition to the appropriate district bankruptcy court. For Opelika residents, this is the United States Bankruptcy Court–Middle District of Alabama.

For a more robust description of Chapter 7 Bankruptcy in Opelika, AL, read our previous post, “What Is Chapter 7 Bankruptcy?”.

Chapter 7 Bankruptcy Attorney in Opelika, AL

David S. Clark is a Chapter 7 bankruptcy attorney that has been helping residents of Opelika, AL get financial relief through bankruptcy for years.

David and his team of bankruptcy professionals can walk with you through each step of Chapter 7 bankruptcy helping you to interpret some of the legal jargon that you may not be familiar with, representing you before the bankruptcy judge, and counseling you at moments when you have to make difficult financial decisions.

If you are considering filing bankruptcy in Opelika, AL and need an Opelika Chapter 7 bankruptcy attorney that you can trust, contact David S. Clark today.

DISCLAIMER: The above blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.

Nov 03
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Bankruptcy Helps: “Buy Here, Pay Here”

By Chapter 13 Bankruptcy No Comments

Chapter 13 Bankruptcy can get your car turned back on. 

Every year thousands of Alabamians decide to buy used cars from car dealerships that are commonly called “buy here, pay here” dealerships.

For car buyers whose credit isn’t good enough for a traditional loan or they simply don’t have any existing credit, the messaging from these dealerships can create an almost irresistible allure to buy a car from them.

        “No credit, no problem!”                     “Down payments as low as $500!”                             “Buy here, pay here!”

DISCLAIMER: The following blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.

Need Bankruptcy Help? Call David S. Clark

Many residents of Auburn and Opelika, AL buy cars from these dealerships at a moment that they have a small pile of extra cash lying around. However, whenever the time to make payments on the loan comes around, buyers realize that the interest rate on their loan is ridiculously high.

The creditors at “buy here, pay here” car dealerships know that the individuals that they sell to are often going to be unable to finish making payments on the cars that they buy. So, many times creditors will install a GPS tracker or what’s called a “starter interrupter” in cars that they financed.

If debtors fail to make a payment, the car dealership will initiate the “starter interrupter” and shut the car off until they receive payment on the loan.

Chapter 13 Bankruptcy Can Get Your Car Turned Back On

Automatic Stay Orders

Whenever debtors file for Chapter 13 Bankruptcy, the court imposes an injunction to creditors that prevents them from taking any further action on you or your car. This injunction is called an “automatic stay.”

Modified Car Loan Payments

After the injunction is issued, you still may not be able to repay the original loan amount.

Depending on the restructuring of your debt under your Chapter 13 Bankruptcy plan, you may be able to avoid returning your car to the dealership by making smaller payments. This will help you keep your car while still making payments on the loan.

Chapter 13 Bankruptcy Protects You From Creditors

Sometimes debtors unfortunately still have to return their cars to the dealerships under Chapter 13 Bankruptcy. However, with Chapter 13 Bankruptcy, there is a real opportunity for you to be able to keep your car.

Chapter 13 Bankruptcy protects you from sitting helplessly at the mercy of creditors. In the case of “buy here, pay here” car purchases, Chapter 13 Bankruptcy protects you from the car dealership you bought your car from.

David S. Clark is a bankruptcy attorney in Opelika and Auburn, AL who has been helping clients keep their cars through Chapter 13 Bankruptcy for years.

Contact David S. Clark today for a free bankruptcy consultation!

DISCLAIMER: The above blog post is just advice, and you will be better served to call David S. Clark with your bankruptcy questions. This blog contains helpful tips and advice, but is not professional legal advice, and shouldn’t treated as such.

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