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Questions About Bankruptcy

What are the benefits of bankruptcy?
There are two major benefits to filing for bankruptcy. The first is that you get a chance to catch your breath and set up a payment plan. During a bankruptcy filing, your creditors are no longer allowed to harass you for repayment. The second is that you have a chance for your debts to be wiped away. Once a debt has been discharged through bankruptcy, it is gone forever and cannot be collected upon.
Will bankruptcy stop my foreclosure?
Yes. Filing for bankruptcy automatically stops a foreclosure proceeding. However, it should be done as soon as possible to prevent possible problems with filing.
Can bankruptcy stop the garnishment of wages?
Yes. Once you file for bankruptcy, your creditors are prevented from trying to collect on your debts for the duration of the process. This includes the garnishment of wages, interception of tax refunds and the freezing of accounts.
Am I qualified to file for bankruptcy?
Qualification for bankruptcy has become much more complex since the laws were changed in 2005. The system to find out if you are qualified differs between Chapter 7 and Chapter 13. You should always consult with an attorney and go over the process to help you decide which avenue to take.
What is an automatic stay?
An automatic stay is put into effect during any bankruptcy filing. It is an injunction that prevents your creditors from trying to collect on your debts through any means during the bankruptcy. It is put into place to give people time to put their finances in order.
How long before I can start rebuilding my credit?
You can start to rebuild your credit immediately with a credit card or secured loan.
Which is better – Chapter 7 or Chapter 13?
That is completely dependent on your specific situation. If you have steady income and you just need more time to pay off your debts, Chapter 13 would probably be best for you. If you are in serious debt and are looking for a fresh start then the faster Chapter 7 would probably be the best.
How much does it cost to get started?
In most cases, you can start a bankruptcy filing for as little as $130.00 for a Chapter 13. Fees for a Chapter 7 are determined by the facts of each case.
Is there a way to keep my home and car?
Chapter 13 makes allowances to keep your home and car but you must make monthly payments to the trustee to retain ownership. A trustee is an official of the court appointed to oversee the distribution of payments after a bankruptcy is filed.
How often will I meet with my attorney?
If you are dealing with Reynolds Law Firm, you can meet with your attorney as often as you need.
Will bankruptcy adversely affect my credit?
The damage has already been done long before you file for bankruptcy. If you have been involved in a foreclosure or repossession or have carried a debt for more than three months, then your credit has already been damaged. Filing for bankruptcy could be a way to start repairing that damage.
Lanett Office
116 N. Lanier Ave
Lanett, AL 36863
Phone: 334-644-3042
Toll Free: 800-644-4413
Alexander City Office
149 Main St.
Alexander City, AL 35010
Phone: 256-329-1333
Toll Free: 877-329-1331
Mailing Address
P.O. Box 367
Lanett, AL 36863-0367
Fax: 334-644-3043
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