William A. Edwards, Attorney At LawAbout Bankruptcy

William P. McCord, Attorney At Law, can provide real legal solutions to solve your financial problems. Call us today to learn about your legal options and let us help you choose the right solution for you. When you visit our office, you will see that we treat you with the respect you deserve.

What is Bankruptcy?
The United States Bankruptcy Code provides debt relief for those who in good faith need relief. The Code provides immediate relief from debt collections, lawsuits, IRS levies, home and business foreclosures, repossessions and garnishments. This code is divided into chapters. Each chapter has its own set of rules for that particular type of bankruptcy. We at William P. McCord, Attorney At Law specialize in bankruptcies filed under Chapter 7 bankruptcy, allowing you to wipe out debts for a fresh start and Chapter 13 bankruptcy, which allows you to consolidate your debts into one low monthly payment.

 The United States Bankruptcy Code provides the following: 
  • Immediate relief from debt collections, lawsuits, IRS levies, foreclosures and repossessions.
  • Protect your home, automobiles and personal belongings.
  • Wipe out debts for a fresh start.
  • Consolidate debts into one low monthly payment with limited interest.
  • Stay in business while you reorganize business debts.
  • Protect co-signers.
  • Chapters 7, 11, 12 & 13

William A. Edwards, Attorney At LawChapter 7
Chapter 7 is often referred to as a liquidation bankruptcy or fresh start bankruptcy and does not require monthly payments to the Trustee. Under a Chapter 7, you may keep any debts that you choose provided it is in your best interest to do so and provided that you are current on your payment of those debts. Usually, debtors will keep the debts on their automobile or house, unless they no longer want them. Most other debts, such as medical bills and credit cards, are discharged within about 3 to 5 months after filing the bankruptcy petition.

Chapter 13
Chapter 13 is often referred to as a consumer debt consolidation bankruptcy and typically requires monthly payments of your extra income to the Chapter 13 Trustee for no less than 3 years and no more than 5 years. After the completion of all payments under the Chapter 13 plan, most of your unsecured debts will be discharged (forgiven).

Which Chapter is best for me?
There are numerous factors that you must consider in deciding which chapter is best for your case. At William P. McCord, Attorney At Law we will review your financial information and help you decide which chapter, if any, would best resolve your financial situation.

 

William P. McCord
     Attorney At Law     
 1038 Radisson Avenue 
Mobile, AL 36611
Office: (251) 555-1212
Email Me: wpm@my-law.com
 

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