Phenix City Bankruptcy Attorneys

Take Charge of Your Financial Situation in the Columbus, GA Area

According to data collected by the Administrative Office of the U.S. Courts, there were over 472,000 Chapter 7 non-business Bankruptcy filings in 2017. There were over 294,000 Chapter 13 non-business filings in the same year. Another study conducted in 2017 indicated that Alabama ranked #3 on the list of states with the most bankruptcy cases filed.

Filing for bankruptcy is a big decision, and one not to be made lightly. Although bankruptcy often has a negative connotation, it can provide people with much-needed relief when debt grows out of hand. Bankruptcy was designed to help people regain control over their financial situation.

The bankruptcy filing process can be complex. There are several different types of bankruptcy you can file for, each with different requirements and effects. At Loftin, Loftin & May, our Phenix City bankruptcy lawyers can guide you through the process and make sure you are making the best decisions for your situation. We serve clients throughout Alabama and Georgia.

What Is the Cause of Most Bankruptcy Cases?

Studies indicate that most bankruptcy cases are caused by financial hardship, not necessarily irresponsible spending. Some common contributing factors can include:

• Unforeseen medical expenses
• Sudden injury or illness
• Loss of a job
• Going through a divorce
• An income reduction

There are numerous reasons that someone may be forced for file for bankruptcy. No matter what your situation may be, we're here to help you recover and get back on your feet.

Which Bankruptcy Chapter is Right for Me?

There are many chapters of bankruptcy, but most people only need to focus on Chapter 7 or Chapter 13 bankruptcy. These are usually the best options for individuals who are considering bankruptcy because they can no longer afford to pay their debts.

A brief overview of Chapter 7 and Chapter 13 bankruptcy:

• Chapter 7 bankruptcy – Chapter 7 is typically called a straight bankruptcy. Most all of your debts are dischargeable. If there is a debt that you would like to keep, you can usually do that through a reaffirmation agreement. On the majority of chapter 7 bankruptcies, you can keep all of your assets.
• Chapter 13 bankruptcy – You do not need to forfeit your assets in Chapter 13 bankruptcy. Instead, your attorney will draft a three-to-five-year payment plan with your creditors. The court will review the plan to make sure it benefits both you and the creditors. These payment plans are not subject to additional interest.

Regardless of which type of bankruptcy you file, your creditors are forbidden from contacting you once the paperwork has gone through. If they continue to harass you even after filing, contact your attorney so they can remind the creditor of the arrangement.

Protecting What’s Important to You

Even though it can help, bankruptcy is not an easy thing to go through. Our Phenix City bankruptcy lawyers know how difficult it can be to balance debt payments while supporting yourself or a family. We can help protect the assets that are most important to you so that they will not be seized by your creditors or the court. Learning more about you and your situation will help us protect what’s most important to you.