Dothan Personal Bankruptcy Lawyers
Many times, people do not understand how the law can work for them. The Bankruptcy Code was developed to give Americans a fresh start if they have amassed too much debt. Our attorneys assess your specific financial situation and advise you on how best to proceed.
Chapter 7 vs. Chapter 13 Bankruptcy
Often, individuals ask us the difference between Chapter 7 and Chapter 13. Sometimes it is easy to make a medical analogy — if Chapter 7 is outpatient surgery, Chapter 13 is inpatient. Chapter 13 is much more complicated, time-consuming, and there is more responsibility on the part of the individual. At Espy, Metcalf & Espy, we find it helpful to spell out a few differences for potential clients, including:
- Individuals have to qualify to file Chapter 7, but nearly anyone, within certain debt limits, can file for Chapter 13 if they have a steady source of income.
- Chapter 7 has become quite difficult to file if you have too much income, but Chapter 13 remains an option.
- In Chapter 7, all fees and costs have to be made upfront. In Chapter 13, the fees are worked into the repayment plan.
- Depending on one's domicile, state or federal exemption laws limit the assets that are in risk in the Chapter 7 liquidation process. Chapter 13 allows individuals to keep as much as they would like, as long as they have the ability to pay for it through the repayment plan.
It is true that many people will actually qualify for both Chapter 7 and Chapter 13. It is the job of your attorney to assess your unique situation and advise you on the benefits associated with either filing. Our lawyers work diligently to determine how bankruptcy can work you out of your problems, and lead you to a brand new financial future.
Contact Our Firm
If you have questions about how filing for bankruptcy can help you get a fresh financial start in Alabama, contact Espy, Metcalf & Espy to learn more. We offer a free consultation, and can schedule appointments late in the day to accommodate our clients.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.
The hiring of a lawyer is an important decision that should not be based solely upon advertisements. This Web site is not intended to be an advertisement or solicitation.
