Bankruptcy almost always seems like a drastic choice to make, but it can sometimes be the best option. Some people who find themselves facing serious financial trouble overlook the relief that bankruptcy could provide because of a lack of familiarity with the options.
Many think only of Chapter 7 bankruptcy when assessing for themselves whether moving forward with the process could make sense. As Chapter 7 typically results in the liquidation of most of the debtor’s assets, it can seem like an overly disruptive way to resolve debt-related problems.
Another option that can easily make more sense in particular situations is the form of bankruptcy described under Chapter 13. Working with a Chapter 13 Bankruptcy Attorney in Wetumpka AL like one of those at Courtney & Mann LLP can end up enabling a suitable solution to even the most significant financial problems.
A Less Involved, More Supportive Style of Bankruptcy
While debtors who gain protection under Chapter 7 of the federal bankruptcy code can expect to have certain of their assets preserved, the process is almost inherently disruptive. Chapter 7 provides a form of bankruptcy that liquidates the affected person’s debts in exchange for doing the same to many assets.
On the other hand, Chapter 13 often ends up being a far more appealing option for those who qualify for this form of protection. Functioning much like the type of reorganization allowed for under Chapter 11, this style of bankruptcy has been tuned further to accommodate the needs typical of individual debtors instead of serving both consumers and corporations.
As a result, Chapter 13 often ends up being an attractive and productive choice even in cases where Chapters 7 and 11 come up short in various ways. As qualifying for this type of bankruptcy can never be taken for granted, however, consulting a Chapter 13 Bankruptcy Attorney in Wetumpka AL will always be productive.
Finding a Better Way Forward
Even for debtors who have already given some consideration to Chapter 7 and decided to forge on ahead, instead, Chapter 13 can easily make excellent sense. The best way to discover whether it could be productive to seek out this type of bankruptcy protection will always be to get in touch with an attorney.
