Under chapter 13 bankruptcy, an individual or business has the opportunity to reorganize and restructure their financial debts. The Gil Law Firm in Dothan, AL, has been one of the area's most trusted bankruptcy attorneys for over 15 years; they also handle Social Security Disability and personal injury cases. Here they highlight three landmark chapter 13 bankruptcy cases.
- Abraham Lincoln: Yes, that's right, Abraham Lincoln filed for chapter 13 bankruptcy—actually, he filed for his era's version of chapter 13. In 1833, nearly 30 years before he won the presidency, Lincoln filed for bankruptcy after a failed business enterprise and an accumulation of debt. His debts were restructured, and he was ordered to pay them off over a period of 17 years. The Gil Law Firm stresses that the law is much different today, and debts must be repaid within, at most, five years.
- Johnson vs. Home State Bank: This landmark case dealt with mortgages and two different types of bankruptcy filings. The 1991 ruling decided that an individual who has filed for chapter 7 bankruptcy may then file for chapter 13 in order to protect a property from foreclosure (if that property's mortgage survived the chapter 7 process). Your lawyer at The Gil Law Firm will work with you to figure out how your mortgage can be reorganized.
- Groves vs. LaBarge: In this notable 1994 case, a ruling was handed down regarding the repayment of student loans through chapter 13. It was decided that a plan to separately categorize the requirement to repay student loans in full discriminates against unsecured creditors who would not be paid in full under chapter 13.
Call (334) 673-0100 to speak with Attorney Rafael Gil III at The Gil Law Firm to schedule your bankruptcy consultation; you can also find more information about the firm on their website. With Attorney Gil on your side, you will soon have the financial peace of mind you deserve.