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How to Prepare For Working With the Bankruptcy Attorney in Wetumpka AL

Each year, thousands of people end up getting in over their heads with debt. When debt becomes a problem, it is crucial for individuals realize their options regarding bankruptcy. Bankruptcy is a viable option for legally overcoming debt. The first step in starting the process is to make sure a person schedules an appointment with the Bankruptcy Attorney in Wetumpka AL.

How to Get Started

When preparing for a meeting with the Bankruptcy Attorney in Wetumpka AL, individuals need to make sure they gather all of their financial documents, including the following.

• The last two years of tax returns

• At least six months of paystubs

• Bank account statements

• Debt information, including account numbers and addresses

• Information on assets

Bringing these records to the meeting will give the attorney the information that is needed so they can give their client sound advice on what type of bankruptcy will be most beneficial. For individuals, there are two different types of bankruptcy that can be filed, and it is imperative a person learns all they can talk about both options.

Types of Bankruptcy

There are two main types of bankruptcy available to individuals who are dealing with mounting debt. The more a person knows about their options, the better equipped they will be to make the right decisions for their financial needs.

• Chapter 13 bankruptcy is often called the “wage earner’s bankruptcy” because a person must have a monthly income so they will be able to pay their monthly payments to the court each month. This type of bankruptcy allows individuals to prevent the loss of their home through foreclosure. Individuals are given three to six years to pay off the debts they owe.

• Chapter 7 is an option that allows individuals to overcome their debts within six months. Some of the assets of the individual will need to be liquidated to pay off the debts that are owed. The individual must be able to pass the mean’s testing.

If you are dealing with more debt than you can afford to pay, contact Courtney & Mann LLP. Call the office right away, and they will be happy to help you through the process.

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