Understanding Bankruptcy
Filing for bankruptcy is not a tragic ending, but rather, a new beginning. It is your legal right to debt relief and should not be looked at as a failure. Even the most financially responsible households may be faced with debt issues due to medical bills, job loss, auto accidents, poor health, divorce, etc.
Whether you need to rid yourself of bad debt, protect your assets from foreclosure and repossession, stop a garnishment, eliminate judgments and lawsuits, or any other debt-related matter, attorney Stephen Bulgarella is ready to fight for you.
At The Law Office of Stephen Bulgarella, we take the time to help you understand the bankruptcy process and determine which chapter, if any, is right for you.
Chapter 7 bankruptcy provides individuals and families with an opportunity to discharge unsecured ‘junk’ debt (credit cards, medical bills, payday loans, default judgments, deficiency balances from repossessions, etc.), avoid liens, and stop garnishments.
It is an easy and efficient method for eliminating tens or even hundreds of thousands of dollars in bad debt for those who qualify. Chapter 7 cases do not typically require the filer to appear in court, and the entire process can usually be completed in about ninety days.
To learn more about chapter 7 bankruptcy and to determine if it’s right for you and your household, call Stephen at (205) 379-1234 today for a free consultation.
Chapter 13 bankruptcy is a process through which individuals and families can prevent foreclosure and stop vehicles from being repossessed. It allows property owners to restructure their payments and get caught up on arrears at little to no interest.
Many Chapter 13 filers are also eligible to drastically reduce both the interest rates and the principal balances owed on secured loans. Filers may also be eligible to eliminate certain property liens altogether. Chapter 13 also affords filers the opportunity to eliminate and discharge most unsecured debt, similar to a Chapter 7 bankruptcy filing.
Chapter 13 bankruptcy also allows for filers to pay the attorney's fee over the life of the plan (3-5 years) rather than upfront. The filer does not need to be employed, however, they must demonstrate some means for affording the monthly payment.
To learn more about chapter 13 bankruptcy and to determine if it’s right for you and your household, call Stephen at (205) 379-1234 today for a free consultation.
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If you have any questions about how The Law Office of Stephen Bulgarella, LLC may be able to help you, please call (205) 379-1234, email stephen@sblawoffice.org, or fill out the form below and we will get back in contact with you.