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Bankruptcy Law

Making Bankruptcy Affordable

It is difficult to deal with debt when you are faced financial hardship. Fortunately for many debtors, bankruptcy can provide a way out. Russo, White & Keller is a full-service law firm providing the Birmingham area with a complete range of bankruptcy services. These services are designed to give you a financial fresh start by eliminating most debts in one fell swoop.

If you need help, contact us immediately for a free consultation. We understand that no matter how similar two cases may appear, no two cases are ever identical in all respects. Our attention to detail allows us to create winning strategies that are tailor-made to suit the needs of each client.

We take pride in developing mutually beneficial relationships with our clients by ensuring that each client understands every aspect of his or her case or legal issue.

Take the guesswork out of your finances

If you are wrestling with overwhelming debt in the Birmingham area – and the debt is winning – we can help.

Which Filing Is Best?

The US bankruptcy code can be difficult to make sense of by yourself but you have many options to relieve yourself from debt obligations. We consider and share all options available to you so you can make sure we choose the right filing for you. There are some basic qualifications you must meet and certain situations may dicit which filing you should make. Take the guess work out of your filing by allowing us to evaluate your situation and help guide you through every step along the way. We will make all of the filings with the correct court system on your behalf.

Chapter 7

The most common type of personal bankruptcy is a Chapter 7 bankruptcy filing. A Chapter 7 will discharge credit card debt, medical debts, auto loans, mortgage debt, and sometimes more. Since Chapter 7 bankruptcy is designed for average-income and low-income persons, you must pass a means test to qualify. The test compares your income against the median household income in Alabama. Almost anyone whose income is below the median will be eligible for Chapter 7 bankruptcy, but if your income is higher, you may still qualify under certain conditions.

Bankruptcy isn’t for everyone who is struggling with debt, but for some, a Chapter 7 bankruptcy is the only realistic option. We can evaluate your financial circumstances and offer you practical advice regarding the means test, bankruptcy, and other legal options available.

We represent a wide range of businesses in bankruptcy proceedings, including sole proprietorships, limited liability companies (LLCs) and partnerships. We understand how unique your debt problems are, and our attorneys will work with you to craft a strategy that match the unique needs of your business. We will help you explore debt relief options that are available to you, including:

Chapter 13

Another popular option is a Chatper 13 filing because it allows debtors to create and follow a realistic debt payment plan. When you file for bankruptcy under either Chapter 13 or under Chapter 7, an order for relief – an “automatic stay” – goes into effect. The automatic stay prevents creditors from harassing you about mortgage debt, credit card debt, auto loan debt, and medical bills during the period of the bankruptcy. A Chapter 13 bankruptcy usually allows those with a regular income to pay their debts over a period of three-to-five years, and it consolidates those debts into one monthly payment.

It’s the legal way to avoid foreclosure or repossession and to begin managing out-of-control debt effectively. A number of factors determine if you are eligible to file a Chapter 13 bankruptcy. If you believe that a Chapter 13 bankruptcy might be best for you, speak right away with an experienced Chapter 13 bankruptcy lawyer at the Russo, White & Keller Law Firm.

Chapter 11

Do you own a small business? You worked hard to grow your business, but hard times have led to significant debt. If Chapter 13 looked appealing to you because you would like to reorganize your business debts to make it more managable then a Chapter 11 might be right for you. Chapter 11 is similiar to Chapter 13 applies to all, not just individuals. If you decide filing for small business bankruptcy is right for your company, we will provide you with skilled legal representation throughout the difficult process. Call us or contact us online for a free consultation with an Alabama bankruptcy attorney. It could be your first step on the road to debt relief.

Start with a free evaluation, you have nothing to lose and everything to gain.

FAQ

A discharge is a court order which prohibits the collection of all debt which you listed in your bankruptcy petition. The discharge follows and protects you the rest of your life. There are certain debts that are excepted from discharge and that you still must pay despite a discharge in your bankruptcy case. Three of the most common debts that you still must pay after a discharge are federal and state income taxes, student loans, and child support and alimony. Another type of debt which you must repay despite receiving a discharge is debt that you have reaffirmed, such as a house or car.

In general, the answer is yes. Chapter 7 bankruptcy is designed to wipe out your debt. However, this is conditioned upon you not owning any property that is not exempt. Non-exempt property is sold by the bankruptcy court, converted to cash, and then used to pay back all or a portion of the debt that is owed by you. The bankruptcy law allows you to exempt your property, whether it be a home, car, 401(k), or other property. If your property is exempt, it generally cannot be used to pay your creditors any money. In most cases, all of your property will be exempt. The exemptions differ for each piece of property that you own, and we will be able to explain to you in more detail about these exemptions.

In general, the answer is yes. Some debtors can no longer afford their house or car payments. In other cases, the house is just too big for them to keep up and they want to downsize. In still other cases, a car may keep breaking down and it is not worthwhile to continue to repair. Regardless of the circumstances, you can still surrender the property back to the mortgage company or to the lienholder. If you do so, the balance of the debt will be wiped out (discharged).

If there is a co-signer on a credit card, medical bill, personal loan, or other such bill, then the co-signer will be responsible for paying that bill once you have discharged your debt. This is also the case if there is a co-signer on a home mortgage or car note and you are surrendering the home or car. If, on the other hand, you are keeping the home or car, and you reaffirm the debt, then both you and the co-signer will remain obligated to pay the debt reaffirmed.

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