Clanton, Alabama
602 Jackson Avenue
Clanton, AL 35045
(205) 755-5208

What is Bankruptcy Protection? Montgomery's Bankruptcy Lawyer Explains April 19, 2016

What is Bankruptcy Protection? Montgomery's Bankruptcy Lawyer Explains, Clanton, Alabama

If you find yourself in a situation where you cannot pay your debts back in full, you may be granted bankruptcy protection to reduce your debt load or cancel it completely. A bankruptcy lawyer can help you when you are on the verge of bankruptcy or have questions about the filing process. The team at Backus Law Group in Montgomery, AL, will provide the legal counsel and advice you need to work through your financial crisis. 

Here are some key things you need to know about bankruptcy protection:

  • bankruptcy lawyerFederal & State Laws: Bankruptcy protection is governed by federal laws and is typically known simply as the Bankruptcy Code. Some states have their own set of laws pertaining to filing bankruptcy, so you need to work with a lawyer who is familiar with both Alabama and federal laws.
  • Types Of Bankruptcy Protection: There are six chapters of bankruptcy—chapters 7 and 13 are the most common types of bankruptcy filed by individuals, and chapter 11 is commonly filed by businesses. Bankruptcy protection helps the individual or business reorganize their finances and eliminate or reduce a significant amount of debt.
  • Expectations After Discharge: Some debts are completely discharged under various types of bankruptcy, which means they do not need to be paid back. Others must be paid back partially, and the court will determine what the payback schedule will look like. Your bankruptcy lawyer will be able to explain what types of debts you will still be responsible for after filing bankruptcy and what rights you have throughout the process.

Filing for bankruptcy can be less overwhelming when you work with an experienced bankruptcy attorney and understand how the filing and discharge process works in Alabama works. If you have questions about bankruptcy protection, get in touch with a bankruptcy lawyer at Backus Law Group in Montgomery, AL. Call them at (334) 265-0800, or visit their website for more information.

Other Announcements, Events and Deals from Backus Law Group
Divorce Lawyers Share 5 Summertime Co-Parenting Tips, Clanton, Alabama
The freedom of summer is every child’s dream, and if you’re a divorced parent, it’s important to know how to preserve it. Divorce lawyers at Backus Law Group in Montgomery, AL, more
Bankruptcy Attorneys Offer 4 Vacation Planning Tips for the Budget-Conscious, Clanton, Alabama
Keeping debts under control requires careful budgeting and financial discipline, but that doesn't necessarily mean that your family must sacrifice vacations and other important more
Ask a Bankruptcy Attorney: Should I File for Bankruptcy in the Summer?, Clanton, Alabama
Filing for bankruptcy can come with an immense amount of emotional hardship, making it difficult to decide when to file. If you’re having trouble making the first move, attorneys at more
Recovering Garnished Funds After Filing Filing Bankruptcy, Clanton, Alabama
If you are unable to pay off your debts due to a diminished income or increased living expenses, your creditors will not have sympathy for your situation. Despite your already more
3 Frequently Asked Questions About Divorce Law in Alabama, Clanton, Alabama
When you’re going through a divorce or considering filing for bankruptcy, it can be hard to know where to start. When you have questions or concerns about family law in the more