THE MCBEAL LAW FIRM, LLC

 "Providing Legal Remedies in Civil & Criminal Matters" 

voice : (334) 265-1019    fax : (334)262-0464   email : info@McBealLawFirm.com

Alabama Bankruptcy, Find Alabama Bankruptcy Attorney, Mntogmery Wetumpka Prattville Mobile Troy Birmingham Alabama Bankruptcy Lawyer Attorney, Chapter 7 Bankruptcy.

BANKRUPTCY : Chapter 7 " Liquidation"

! Contact the Firm For Representation Information. !

Simply put, a chapter 7 bankruptcy " liquidates" all debts which you elect to get rid of. Because of this aspect, you must be careful which debts you decided to eliminate. You can reaffirm (keep) certain debts, such as your house and car, for example. (Under certain circumstances) Under a chapter 7, you will not have to pay your debts off. They are eliminated forever.

Most chapter 7 bankruptcies are straight forward and does not involve a stressful process. However, depending on your assets and liabilities, your case could have additional nuances which would require special attention.

Chapter 7 may be best for you if :

• Your payments are current and you do not have more than $5000.00 (if single) or $10,000.00(if marriage) equity in you home. Or willing to give up your home.

• You are current on your car payments. Or are willing to give it up.

• Your personal assets do not exceed $3,000.00 (if single) or $6,000.00 (if marriage). Or, you are willing to sale some of your personal assets and pay the trustee the sum that exceeds the exemption.

Please contact The McBeal Law Firm for additional information concerning your specific needs. We provide very competitive legal fees and can set you up on a payment plan, if needed.