What is Bankruptcy & How Can It Help Me Out? Bankruptcy is a legal process that allows individuals or businesses to discharge their debts or reorganize their finances in order to pay off their creditors. It is designed to give people a fresh start financially and provide a way out of overwhelming debt.
There are several types of bankruptcy that individuals and businesses can file, including Chapter 7 and Chapter 13. Each type of bankruptcy has its own eligibility requirements and can provide different benefits depending on the circumstances of the case. When you do a consultation with a bankruptcy attorney in Clanton, or anywhere else around Montgomery, Alabama, then we can help guide you through the process.
Chapter 7 bankruptcy, also known as a “liquidation” bankruptcy, allows individuals to discharge their unsecured debts, such as credit card debt and medical bills. In a Chapter 7 bankruptcy, the debtor’s