Bankruptcy Can Be An Ideal Debt-Relief Option

When you are facing significant debt, personally or with your business, it is easy to feel helpless. Expenses are piling up, and you do not have the means to pay them off. Your business cannot turn a profit with so much debt. Creditors are constantly on your case, and you may be facing things like car repossession, wage garnishment or foreclosure.

You need an attorney to help you find debt-relief solutions that work for you and your circumstances. Bankruptcy is a common option. We at Sides, Oglesby, Held, Dick & Stephens, LLC, can help you through the complicated legal process of bankruptcy law.

Types Of Bankruptcy

Our firm specializes in the three most commonly utilized forms of bankruptcy:

  • Chapter 7 bankruptcy, known as a liquidation bankruptcy. Debt is relieved by liquidating certain assets to pay off creditors. What is liquidated is limited by state and federal law, and varies by individual. This process is fast, taking only three-six months to complete, and almost all of your debt will be forgiven.
  • Chapter 13 bankruptcy is a reorganization bankruptcy. Debt is relieved by creating a repayment plan, typically lasting three-five years. You must pass an income eligibility requirement. No assets are liquidated with this option, and harassment from creditors will cease as soon as you file. At the end of the plan, any eligible remaining debt will be forgiven.
  • Chapter 11 bankruptcy is a reorganization bankruptcy for businesses. Debt is relieved by creating a plan that proves your business will be profitable post-bankruptcy. This involves working with creditors, trimming costs, seeking new business opportunities or other methods. If your plan is approved, any eligible debt will be forgiven.

Each of these types of bankruptcy has their advantages, disadvantages and eligibility requirements. When you work with us, we will help you make the best decisions and give you the fresh start you need. With our experience and commitment to our clients, you can be confident in our ability to bring you through one of the most frightening situations an individual may face.

Call Us Today

No matter your situation, we at Sides, Oglesby, Held, Dick & Stephens, LLC, are committed to helping you find the right solution to relieve your personal or business debt. Schedule a consultation with a lawyer today by calling 256-294-4881. You can also send an email.

With offices in Anniston and Huntsville, Alabama, we are accessible to residents throughout the state.

Sides, Oglesby, Held, Dick & Stephens, LLC, is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.