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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.

How Bankruptcy Can Help Stop A Repossession

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Filing bankruptcy can help car owners keep their vehicle.

If you have missed several car payments, then you may be worried that the loan company is going to repossess your vehicle.

When faced with this threat, many attempt to hide their cars, avoid calls from loan companies, and keep their vehicles locked in a garage somewhere until they can come up with the money needed.

However, many loan companies have the capability to track vehicles through GPS trackers that are installed on cars that have an outstanding payment connected to them. Some also have the capability to prevent you from starting your car through employing devices called starter interrupters.

These technologies can make avoiding a repossession seem like a losing battle for many.

Instead of living in a state of fear that the loan companies will repossess and impound your car at any moment, many debtors can file for bankruptcy and receive legal protection from loan companies so that your vehicle, and other property, cannot be repossessed, at least until the case is settled.

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

Bankruptcy Issues a Stay Order on Repossessions

Often debtors complain about loan companies and the repossessors acting on their behalf for being mean, overly-aggressive, and demanding in their attempts to repossess a vehicle.

Though there is no excuse for the immoral behaviors that some repossession and loan companies use in attempts to repossess a vehicle, the unfortunate reality is that because these loan companies have a legal claim to the vehicle when loan payments are not made, they are permitted to make these attempts at possessing the vehicle.

As soon as an individual opens a bankruptcy case, however, an automatic stay is ordered on the vehicle. This means that creditors and their partners, legally cannot touch your vehicle at least until the bankruptcy case is settled.

Stay Orders and Repossessions

As soon as the court issues a stay order, the creditor has no rights to demand you hand over the keys to your car.

No matter how much they hounded you to have the car before you filed for bankruptcy, once the case is open the law is on your side.

Simply put, stay orders protect car owners from repossession.

Bankruptcy Temporarily Protects From Repossession

Though stay orders issued from bankruptcy case filings will keep a creditor from taking your car for a time, this is not necessarily a permanent fixture. These stay orders are put in place so that debtors can have time to work through restructuring their debt through bankruptcy without having to constantly fight off repo agents.

Because the purpose of stay orders is not to permanently keep creditors from repossessing your car, there is still a chance that at the end of your bankruptcy case, you may be required to give up your car in order to meet the requirements of the bankruptcy settlement.

Bankruptcy, though, gives you a chance to keep your car and legally protects you from any potential bullying or intimidation from loan companies.

David S. Clark, An Auburn & Opelika Bankruptcy Attorney

David S. Clark and his team have been helping Auburn and Opelika, AL residents avoid repossession through bankruptcy for years and have the experience necessary to advocate your case before a bankruptcy court and in the face of intimidating loan companies.

If you are facing repossession in Auburn or Opelika and are considering filing for Chapter 7 or Chapter 13 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.