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Facing bankruptcy in Opelika can be a lonely and challenging process. Thankfully, there are legal experts with experience in navigating the bankruptcy process in Opelika that can help you with your financial situation. David S. Clark and his team have over 25 years of experience in assisting Opelika residents get back on their feet during bankruptcy. Let’s take a look at some of the key services that David S. Clark offers to help with bankruptcy in Opelika, AL.

Chapter 7 Bankruptcy in Opelika

Despite what you may think, Chapter 7 Bankruptcy is quite common across the country, as well as in Alabama and Opelika. In fact, Chapter 7 Bankruptcy is the most commonly filed bankruptcy in America. David S. Clark has been serving the Opelika area’s need for legal counsel in Chapter 7 Bankruptcy for years, and is very experienced and knowledgeable in the process. 

Chapter 7 Bankruptcy in Opelika typically entails liquidation of your assets in an effort to help repay debt that can’t otherwise be paid. This can include credit card balances, medical bills, loans, utility bills, mortgages, and more. However, Chapter 7 Bankruptcy does not resolve certain other debts, including student loans, child support, alimony, and more. 

Chapter 13 Bankruptcy in Opelika

Next to Chapter 7 Bankruptcy, Chapter 13 Bankruptcy is also one of the most common forms of bankruptcy filed in Alabama. Rather than focusing on liquidating assets to help alleviate debt like in Chapter 7 Bankruptcy, Chapter 13 Bankruptcy is focused on repaying debts under a repayment plan while you keep certain assets throughout the process. 

Based on factors including income level, assets, expenses, and more, a dedicated bankruptcy attorney creates a repayment plan for you. These plans are typically outlined to take place over the course of 3-5 years time. This allows you to make dedicated payments towards your debt without losing everything that you have.

Bankruptcy Law in Opelika

Navigating the Bankruptcy process is intimidating, stressful, and often emotionally draining. Trusting an experienced expert in the process like David S. Clark helps alleviate the stress and pressure of the situation. Bankruptcy lawyers and attorneys can help you get back on your feet after hitting financial hardships. When your debt becomes overwhelming and unmanageable, Bankruptcy can be a way to help give you a chance to start again, moving forward with new spending habits and a higher level of fiscal responsibility.

David S. Clark: Opelika’s Bankruptcy Attorney

If you are considering filing Bankruptcy in Opelika, whether Chapter 7, Chapter 13, or you are unsure, consider stopping by for a free consultation with David S. Clark. David is knowledgeable and experienced at representing and guiding Opelika residents through the bankruptcy process, helping them to get back on their feet and start again. Contact us today for more information or to schedule a free consultation at our office in Opelika.

Come see Opelika’s Bankruptcy Attorney, David S. Clark, and begin the journey to gaining financial stability today.

You are not alone in your struggle with mortgage payments. In fact, Opelika foreclosure defense is a commonly sought out service.

Opelika foreclosure defense is a commonly sought after service. You are not alone in your struggle to stay on top of difficult payments and juggle all of the other expenses that come with life in the Auburn & Opelika area. In fact, foreclosure is actually quite common. 

Foreclosure begins when a borrower misses their mortgage payments. Lenders can look to repossess your home and sell it to recover their lost margin. Foreclosure works this way because with mortgage loans, your home itself is held as collateral should you, the borrower, default on payments. If you want to learn more about the best Opelika foreclosure defense attorney, contact David S. Clark today, and read here about the best tips for dealing with foreclosure. 

Asking for Forbearance

Borrowers asking for forbearance during times of financial difficulty is a common occurrence. Oftentimes savings run low, income is not at the level expected, or some unforeseen crisis arises that causes a serious financial blow. Life happens, and when it does, the possibility of forbearance is in place. What forbearance does for borrowers, essentially, is allow them a limited amount of time to pay off debt, acquire more income, or increase their savings in the wake of a financial crisis.

This limited period where mortgage payments are paused gives borrowers some time to get back on their feet. Without the impending mortgage payment being around the corner, borrowers can focus on rebuilding their finances and preparing themselves to take on their future mortgage payments. While this period of forbearance is not unlimited, it can still go a long way in helping borrowers get themselves back into a better financial position.

Applying for a Repayment Plan

A mortgage repayment plan is another option for those suffering from a short-term financial crisis. A mortgage repayment plan takes the amount of money that is past-due on your mortgage and splits it up, spreading it over future payments until the debt has been paid off. This allows borrowers to look into the future without worrying about past unpaid debts.

Keep in mind that with mortgage repayment plans, future payments will be more expensive than they were previously, on account of the addition of the missed payments to the future months’ payments. This would not be an advisable option for those who are dealing with more sustained financial difficulty, as this can lead to more missed payments. Consider applying for a mortgage repayment plan only if your financial hardship is short-term.

Refinancing Your Loan

If you have yet to miss a mortgage payment, but are wary of the possibility of doing so in the near future, refinancing your loan can be an option to help you avoid foreclosure. What refinancing does for borrowers is allow them to agree to a more affordable payment plan for them. This could include an extended timeline with lower monthly payments, for example.

Refinancing your loan is unfortunately not an option if you have already missed a mortgage payment, or if the foreclosure process has already begun. However, there are still options to fight for your home after you have missed a payment or foreclosure has begun. 

David S. Clark, Opelika’s Foreclosure Defense Attorney

If you are dealing with financial hardships including foreclosure or the threat of foreclosure, contact David S. Clark today for help. With over 25 years of experience serving the Auburn & Opelika area, David is tested, professional, and prepared to help you reach the best possible outcome of your financial hardships. 

For help with foreclosure defense, bankruptcy law, Chapter 7 or Chapter 13 bankruptcy, schedule a free consultation today, and let us help you onto the road towards financial recovery.