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.

Preparing for Chapter 7 Bankruptcy

Chapter 7 bankruptcy, or liquidation bankruptcy, has been sharply modified under a recent law called the Bankruptcy Abuse Prevention and Consumer Protection Act, or BAPCPA. This law drastically changed a debtor’s options when approaching bankruptcy. In particular, the changes make it more difficult for a debtor to qualify for this form of bankruptcy. However, there are some things that a person can do to prepare for filing for Chapter 7 bankruptcy that can improve the chances of qualifying.

To discuss your legal options for getting out of debt, contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000 today.

Preparing Financial Information

Before filing for bankruptcy, it’s crucial for individuals to gather all their financial information regarding their bank accounts, assets, income, debts, and personal property. Under BAPCPA, Chapter 7 bankruptcy now requires a test known as the means test, which compares an individual’s income to the average income in their state. To qualify for Chapter 7 bankruptcy, a person’s income must fall below the average income in their state. A person’s full financial information will be necessary to complete this means test.

Proof of Credit Counseling

A credit counseling requirement was another addition from BAPCPA. In almost all instances, an individual needs to prove that they have attended credit counseling and that their debt obligations were still too much to deal with outside of the court.

Checking for Exemptions

Chapter 7 liquidation means that an individual may have certain assets liquidated to pay back debts, unless they are protected by certain bankruptcy exemptions. These exemptions specifically help protect pieces of property that may have high personal worth or are critical to maintaining income.

Contact Us

If you are struggling under overwhelming debt, help is available. For more information regarding your bankruptcy options, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, today 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."
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"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."
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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."
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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