Whether you’ve experienced a health emergency that required expensive medical treatment, your business failed, or you were unable to pay back loans, you may need to consider declaring bankruptcy.
Types of Bankruptcy
Bankruptcy Exemptions in Alabama
After you file chapter 7 bankruptcy, the bankruptcy court and a case trustee will take over temporary control of your possessions.
However, bankruptcy law in Calhoun County, Alabama, allows for several asset exceptions. The court determines these exemptions by looking at the amount of equity you have in your home, trade tools, insurance, and pension (among other categories). If you qualify, the lenders cannot force the sale of your exempted assets.
An experienced lawyer can ensure that all your exempted assets are protected from lenders. Without legal advice, you may miscalculate your equity and lose an asset that is rightfully yours.
Contact Our Law Firm
If you live in Alabama and believe you cannot pay your debts, contact the experienced legal team at LaPlante, Merritt, Faulkner, Wilson & Clay, LLC. We can help you determine if bankruptcy is the best option for you, and if so, which chapter to choose.
Call us at (256) 236-7354 to schedule a consultation and learn more about bankruptcy and how it can affect your life.