Some people struggle for years to keep up with their debts without ever making much progress. Particularly when a person or couple is still earning a reliable income, it can seem as if there were no possible alternative but to continue with the status quo.
In fact, there are often better ways of addressing debts that have grown too large to be serviced comfortably. Negotiating with creditors can sometimes yield relief, as might consolidating debts with the help of a loan that can be paid back at a lower monthly payment.
In many cases, consulting a Chapter 13 Bankruptcy Attorney in Tallassee AL will also make sense for locals. This form of bankruptcy protection is one that is designed specifically for those who are earning steady incomes and have assets they wish to protect.
Chapter 13 is Often a Less Drastic and More Acceptable Alternative to Chapter 7
Many people in the area are already familiar with Chapter 7 bankruptcy. Under this form of legally granted protection, debtors normally have their obligations dissolved entirely in exchange for having non-exempt assets liquidated to repay creditors.
That fairly drastic solution is one that can easily make sense to certain people, but the severity of the provisions involved can make it seem far less attractive to others. People who have significant assets and continue to earn substantial incomes, for example, will often understandably look at Chapter 7 as being overly extreme.
Chapter 13 bankruptcy can be a much more appealing answer for those who find themselves in this situation. Working with a Chapter 13 Bankruptcy Attorney in Tallassee AL like one of those at Courtney & Mann LLP can enable a much more comfortable transition into a life free of debt.
Years of Court Mandated Relief and Time to Regroup
Under Chapter 13 proceedings, courts work with debtors and their creditors to arrive at more realistic repayment schedules. Should creditors fail to cooperate, bankruptcy courts are also empowered to unilaterally impose new arrangements. In every case, however, those who successfully obtain Chapter 13 bankruptcy relief can count on being given more time to repay debts without losing assets that allow them to continue making a living.
