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Debt Relief through Bankruptcy is Just Over the Horizon.
Serving people in the Southeast Alabama and North Florida markets.
Let us help you get rid of your debt.
The Bankruptcy Code was developed to give Americans a fresh start if they have amassed too much debt. We will assess your specific financial situation and advise you on how best to proceed.
While many people will actually qualify for both Chapter 7 and Chapter 13, it is our job to assess your unique financial situation and advise you on the benefits associated with either filing. We will work diligently to determine how bankruptcy can lead you to a brand new financial future.
Determining which bankruptcy is best for you depends on a number of factors. This website outlines some of the key differences among the two primary types of bankruptcy, as well as some of the more uncommon types.
Chapter 7 – Get a Fresh Start
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Chapter 7 bankruptcy was implemented by Congress to allow individuals to receive a “fresh start” through a federal discharge so as to not be burden by certain debts. A Chapter 7 discharge gives an individual the comfort and security of knowing that debts he/she owed prior to the date of bankruptcy filing are unequivocally void and serve as no basis for creditors to collect on in the future. Subject to certain exceptions, any assets or income acquired after the bankruptcy filing date are not part of the bankruptcy case.
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Whether someone, or a married couple, should file Chapter 7 depends on two (2) distinct evaluations: 1.) Can the person or couple file? And, 2.) Assuming they can, should they file given their assets? The first evaluation concerns the person’s household income relative to the median income level for their given household size. This is a rather complicated analysis that requires a detailed review of the person’s taxable income over the six (6) month period prior to the month of filing. The second evaluation concerns whether the person stands to lose any assets in that Chapter 7 is a liquidation chapter wherein a Trustee is assigned to the case to determine whether the persons asset can be sold to pay debts. This evaluation involves a detailed understanding of exactly what a person owns in relation to mortgages/liens and applicable exemptions.
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A Chapter 7 can be filed by individuals or corporations; and, further, there are no debt limitations to be eligible for this bankruptcy option.
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What Can Bankruptcy Do For You?
GET OUT OF DEBT
Bankruptcy was designed to provide debt relief by either getting rid of or consolidating your debt.
STOP CALLS FROM CREDITORS
Bankruptcy can stop creditors from calling and harassing you.
STOP LAWSUITS
In many cases, bankruptcy can stop lawsuits from creditors who are suing you.
STOP WAGE GARNISHMENTS
Bankruptcy can stop creditors from garnishing up to 25% of your hard earned wages.
STOP FORECLOSURES
Bankruptcy can stop creditors from foreclosing on the home that you’ve worked so hard for.
STOP REPOSSESSION
Filing bankruptcy can stop creditors from repossessing your vehicle or other valuables.
Chapter 7 At a Glance
TYPICAL SCENARIO
You have little property except for the basic necessities like furniture and clothing.
ADVANTAGES
Most unsecured debts can be discharged or completely eliminated.
DISADVANTAGES
Many times your vehicle and home are surrendered unless payments are kept current and equity position is low.
Bankruptcy Resources
Meeting of the Creditors
Most of the time our clients want to know: “Do I have to go to court?” The answer is yes but it’s not like [...]
Credit After Bankruptcy
Most people believe that if you file bankruptcy your credit will be ruined. While it is true that filing a bankruptcy case will affect your [...]
Exempt and Non-exempt Property Under Chapter 7 Bankruptcy
People who file for bankruptcy seek protection from their creditors for the debts they have incurred. The U.S. Constitution gives this power to the federal [...]
Common Mistakes Made on the Bankruptcy Means Test
The means test is often the starting point for anyone who is filing for bankruptcy. It determines if you are eligible for Chapter 7 bankruptcy, [...]
Who Can File for Chapter 7 Bankruptcy?
Prior to October 17, 2005, it was largely up to a bankruptcy judge to decide whether a debtor met Chapter 7 requirements. Judges, therefore, could [...]
Client Testimonials
“I can say today that my life has turned around all for the better and I owe it all to Cam’s patience and understanding of the bankruptcy laws…”
“I recently got my discharge letter and can’t wait to start rebuilding my credit. I would highly recommend Espy, Metcalf, and Espy…”
“They were highly respected by the trustee I had. They’re also very responsive to questions by email, which really really helps with the stresses…”