Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

Bankruptcy terminology everyone should know

Since bankruptcy is a legal procedure, many of its terms can be confusing, especially to those people who are considering filing for the first time. Below are terminologies people should know when considering filing for bankruptcy:

  • Insolvency means that a person or a business can no longer settle their debts where in some situations the interests of their debts are higher than their income.
  • Debtor means any person who owes money to someone else.
  • Creditor means anyone, usually a financial institution that lends money to other people.
  • Debt discharge means that individuals no longer have to settle their debts, given that the court grants them a “discharge order” after filing for Chapter 7 Bankruptcy.

If you want to know more about the above mentioned terminologies or you have decided to file for bankruptcy in Birmingham, a lawyer from the Greenway Bankruptcy Law, LLC may help you. Call our office today at (205) 324-4000 to find out how we may legally assist you in the filing process.

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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
Gadsden: (256) 467-6650

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000 |  Directions | Paula Greenway+