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Chapter 7 Bankruptcy

Jun 23
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Alabama Chapter 7 Bankruptcy Requirements

By Bankruptcy Law, Chapter 7 Bankruptcy, Uncategorized No Comments

 David S. Clark is an experienced Auburn and Opelika Bankruptcy Attorney that understands the intricacies of Chapter 7 Bankruptcy. 

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is a type of bankruptcy that allows any Auburn or Opelika Resident to discharge debt involved with medical bills, signature loans, credit cards, or any other unsecured debts. 

If you are an Auburn or Opelika resident struggling with a lot of debt or difficult financial times, Chapter 7 bankruptcy could provide the fresh start you need.  

Ultimately, chapter 7 bankruptcy will help you liquidate a portion of your assets in order to pay off creditors. While the process sounds simple, bankruptcy can be a complicated and stressful action that requires the knowledge of a professional Bankruptcy attorney. 

David S. Clark is an experienced bankruptcy attorney that understands the stress that comes with financial hardship. For more information on Chapter 7 bankruptcy and how you can navigate the weight of debt, contact David S. Clark today! 

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

What Happens When I File for Chapter 7 bankruptcy?

One of the great benefits that bankruptcy provides is a court-ordered action known as the Automatic Stay which stops all forms of debt collection from creditors, immediately. 

Yet, before you file for bankruptcy it is important to know that bankruptcy does not mean the end of your finances forever. Rebuilding your finances is hard, but having the support of an experienced bankruptcy attorney could provide the help you need to do it. 

When you decide to file for bankruptcy, you will need to sign a petition and file it with your local bankruptcy court. This petition includes a detailed list of your creditors, the nature and amount of their claims, your income, and assets, as well as a layout of all of your expenses. 

After you file for bankruptcy, an appointed trustee will go over your creditors and their claims, the source, frequency, and amount of your income, all of your property, and a detailed list of all of your expenses in order to remove any suspicion of fraud.

How Do I Qualify For Chapter 7 Bankruptcy?

Qualifications for Chapter 7 Bankruptcy begin with the submission of your average income, along with any assets or unexpired leases that you have. Your bankruptcy attorney will then go over any property that you have to help you liquidate your assets. 

In the midst of bankruptcy, there may be necessary assets that are unable to be liquidated. This means any liquidation of those assets will cease and creditors will need to be reaffirmed that you owe the amount of any necessary assets. If the amount you are trying to reaffirm is large enough, or if you are trying to reaffirm multiple unsecured debts, Chapter 7 bankruptcy may be disapproved. 

What can a Bankruptcy Attorney do for Me?

David S. Clark is an experienced Auburn and Opelika Bankruptcy Attorney that understands the intricacies, complications, and stress that bankruptcy presents. If you need help navigating Chapter 7 bankruptcy, 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 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.

Jul 27
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The Benefits of Chapter 7 Bankruptcy for Opelika & Auburn Residents

By Bankruptcy Law, Chapter 7 Bankruptcy No Comments

Chapter 7 Bankruptcy is a particularly helpful option in bankruptcy code for Auburn and Opelika residents who have a current monthly income that falls below the state median monthly income.

Many Opelika & Auburn residents are very hesitant to look into declaring bankruptcy to find relief from their numerous debts that they are unable to repay because declaring bankruptcy is often looked down on by the public.

Bankruptcy, however, is a perfectly legitimate form of debt restructuring that has helped countless Americans escape financial ruin since its adoption into United States law.

Chapter 7 Bankruptcy is a particularly helpful option in bankruptcy code for Auburn and Opelika residents who have a current monthly income that falls below the state median monthly income.

Here are some of the benefits of Chapter 7 Bankruptcy in Opelika and Auburn, AL:

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

Chapter 7 Bankruptcy Helps Those With Little Financial Resources

Chapter 7 Bankruptcy is specifically designed to assist those on the lower end of the financial system gain relief from their debts.

This is accomplished by those who wish to file Chapter 7 Bankruptcy being subject to the means test mentioned earlier.

Chapter 7 Bankruptcy Doesn’t Make You Face Creditors Alone

In every Chapter 7 Bankruptcy case, the court assigns an impartial case trustee to help mediate between you and your debtors. These trustees are assigned as impartial case managers for the state.

They aren’t working to make money for the creditors and they also aren’t working to magically make your debts appear. They are seeking the best route forward for both parties.

Though this case trustee is a helpful and necessary player in Chapter 7 Bankruptcy cases, he or she is not a bankruptcy attorney.

Chapter 7 Bankruptcy attorneys have a fiduciary duty, a duty to put your interests above any others. So, even with the benefit of having impartial case trustees in Chapter 7 bankruptcies, an Opelika/Auburn bankruptcy attorney is an important asset to your team because he or she will advocate explicitly for you.

The Chapter 7 Discharge

A discharge in Chapter 7 bankruptcy cases is one of the greatest protections that is offered to debtors against creditors in the bankruptcy process.

When a person files for bankruptcy, he or she gives immense power to the courts, the court appointed trustee, and their creditors. This is a frightening step for many debtors, and rightfully so. With a Chapter 7 discharge, however, many fears that a debtor might have of losing all of his or her civil rights because of debts owed are laid to rest because it frees debtors from the personal liability for many of their debts and it prevents creditors from taking collection action against them.

Given the nature of Chapter 7 bankruptcy as a means by which debts can be paid, there are many exceptions present in a Chapter 7 discharge clause. This is one of the many areas that hiring a qualified Chapter 7 Bankruptcy attorney can be an asset to you.

A good Auburn/Opelika Chapter 7 Bankruptcy attorney knows the ins and outs of these discharges and can guide you through this process.

David S. Clark, Chapter 7 Bankruptcy Attorney

Because of the complexity of Chapter 7 Bankruptcy, its benefits are often out of reach for most Opelika or Auburn residents because they don’t hold a law degree.

This is why hiring a reputable Auburn/Opelika Chapter 7 Bankruptcy attorney like David S. Clark can be an important factor in successfully filing for Chapter 7 Bankruptcy.

If you are looking to file Chapter 7 Bankruptcy in Auburn or Opelika, AL contact us today for a free case consultation and get your life back on the path toward financial freedom!

For more information about Chapter 7 Bankruptcy visit the United States Courts’ “Chapter 7 – Bankruptcy Basics.”

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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