What is bankruptcy?
Bankruptcy is a legal process of debt resolution that begins once a debtor declares that he or she does not have enough money to pay off the amount owed in the specified time period. Under Chapter 7 bankruptcy, debtors have the option of liquidating their non-exempt assets and using the money to pay off secured debts. Under Chapter 13 bankruptcy, debtors reorganize their repayments plans to require smaller payments over longer periods of time.
If you would like to further explore the possibility of filing for bankruptcy, contact Birmingham bankruptcy lawyer Paula Greenway today at (205) 324-4000.