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.

Choosing Between Chapter 7 and Chapter 13

Many times when I meet with a client, they have no idea whether they need a Chapter 7 or a Chapter 13 case. The concepts between the two can confuse even a seasoned lawyer, so there is no doubt that many consumers feel overwhelmed when looking at their options. Chapter 7 cases, known to some as “straight bankruptcy” requires qualification under a Mean’s Test, which looks at income and expenses and determines if there is enough excess funds to pay some or all of the unsecured debt. This is only one of the issues that an attorney must look to in determining the best option. Equity which exists in real property and personal property can sometimes be exempted under state or federal exemptions but if not properly exempted, this property can become subject to liquidation by a Chapter 7 trustee.

In cases where too much equity exists, a Chapter 13 case is a good option. Chapter 13 cases are used, many times, to stop a foreclosure, garnishment or repossession. Often, a client will tell me that they do not feel they are able to pay all of their debts in a Chapter 13 case. A skilled attorney, who is well versed in bankruptcy law, can craft a plan that pays less that 100% of unsecured debt and fits within a client’s budget.

If you need help getting your finances in order, call us today at Greenway Bankruptcy Law 205-324-4000 located centrally in Birmingham, Alabama.

Leave a Reply

"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.
Schedule an Appointment
In the News

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

home  |  firm profile  |  practice areas  |  articles  |  faqs  |  blog  |  contact us  |  evaluation  |  sitemap  |  Log in
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+