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.

Liquidation of Assets

When you file for bankruptcy, the court will protect you from your creditors if you are approved. However, even though some of your debts can be dismissed, you may have to pay percentages of your debts back to your creditors. To provide money for this repayment, you may have to liquidate some of your non-exempt assets.

Bankruptcy liquidation most commonly occurs when you file for Chapter 7 bankruptcy. In this type of bankruptcy, a person, corporation, partnership, or other such entity must go through a means test to see if they debts can be dissolved. If approved for Chapter 7, a trustee is appointed to your case. This person will look at your property and determine your non-exempt property that can be sold for profits to pay back your creditors.

Nonexempt vs. Exempt Property

Liquidating your assets involves selling off certain property. In a bankruptcy filing, your assets are divided into two categories, exempt and non-exempt. While different states have different rules for what is considered exempt versus non-exempt, common types of non-exempt property include second homes, second cars, investments, valuable collections like stamps, and expensive musical instruments unless they directly relate to the person’s career.

Exempt property is usually deemed what a person needs to live life as normally as possible. This includes a primary home, motor vehicle, tools necessary for a person’s trade, and reasonably necessary appliances and clothing.

Contact Us

Navigating the legal entanglements of bankruptcy can be tricky. If you or someone you know is considering bankruptcy, you should speak to a lawyer to help protect your legal rights. For more information, contact the experienced Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000.

"When I had my power cut off because I just didn't have the money to pay the power bill, a friend suggested I call Paula Greenway. From the moment I walked in her office I felt like a burden was lifted from my shoulders."
Robin M
"I would just like to say that I was impressed by the staff of Greenway Bankruptcy Law, LLC and their attention to professionalism. They made the bankruptcy process not only pleasant but simple."
Jennifer S.
I can't tell how comforting it is to know your attorney is working on your case. I would and have recommended their service to friend and associates."Ed H.
"I would like to thank Greenway Bankruptcy Law, LLC for the way in which they handled my bankruptcy case."
Robert M.
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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