Top Rated Bankruptcy Lawyers in Cullman, AL

What is bankruptcy?

In the simplest sense, bankruptcy is the declaration by an individual or a corporation, non-profit, etc. that it is unable to repay its debts to creditors. Bankruptcy is governed by federal law, creating uniformity of the law among the states. There are various types of bankruptcy filings and it is important to understand which type of bankruptcy filing is most pertinent to your situation.

Should I file for bankruptcy?

Deciding whether to file for bankruptcy is a very important question. Individuals file for bankruptcy as a way to obtain some relief from nearly overwhelming debt. However, there are many other forms of debt relief available and it is useful to explore all your options before choosing to file for bankruptcy. You should seek the advice of an attorney to determine whether your particular situation warrants filing for bankruptcy.

What are the different types of bankruptcy?

For individuals, two common types of bankruptcy protection are referred to as Chapter 7 and Chapter 13. Chapter 11 bankruptcy is usually used by financially struggling businesses, not individuals. Chapter 7 bankruptcy most often pertains to individuals with little to no disposable income. Chapter 7 bankruptcy is commonly referred to as a liquidation bankruptcy whereas Chapter 13 bankruptcy is often referred to as a reorganization bankruptcy. Individuals who have a regular income or make more than a certain threshold may only be eligible to file for Chapter 13 bankruptcy.

Can I discharge all my debts through bankruptcy?

While many debts are dischargeable through bankruptcy, there are specific debts and obligations which you will still be responsible for. These include, but are not limited to, child support and alimony payments, student loans, criminal restitution, debts for personal injury/death resulting from a DUI/DWI, and certain taxes. How a debt is discharged will differ depending on whether you file for Chapter 7 or Chapter 13 bankruptcy. An experienced bankruptcy attorney can help you review which of your debts are dischargeable through the bankruptcy process.

Are there any reputable bankruptcy lawyers near me?

Finding a reputable lawyer to handle your case is important. There are many top-rated, highly-referred attorneys in your area who practice bankruptcy law. It's important to do your due diligence in order to find an attorney whom you are comfortable with and can best serve your needs. In your search for the right attorney, seek out counsel who have experience handling cases similar to yours.