Uniquely packaged forms and information for Chapter 7 or 13 bankruptcies, including detailed instructions and other resources. All included forms available in .pdf format. Click and view the Free Preview for the latest revision dates and a complete overview of contents.
Alabama Middle District Bankruptcy Guide and Forms Package for Chapters 7 or 13
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Free preview Middle District Of Alabama Bankruptcy
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FAQ
In general, you can engage in a certain amount of exemption planning before filing your case, but it must be reasonable and in good faith. For example, if you have too much cash in your bank account, you can typically spend it on food, rent, gas, car maintenance, or other necessities before filing for bankruptcy.
A bankruptcy dismissal closes your bankruptcy case, and if it occurs before you receive a discharge, it will mean that: you've lost the protection of the automatic stay (the order that prohibits creditors from collecting debts), and. you'll continue to be liable for your debts.
Because a chapter 7 discharge is subject to many exceptions, debtors should consult competent legal counsel before filing to discuss the scope of the discharge. Generally, excluding cases that are dismissed or converted, individual debtors receive a discharge in more than 99 percent of chapter 7 cases.
A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.
File at the wrong time. use retirement funds unnecessarily. prepare bankruptcy paperwork carelessly or incorrectly. purchase luxury goods and services on credit or take cash advances. sell or transfer property for less than it's worth. pay only your favorite creditors.
Analyze your debt. Determine your property exemptions. Make sure you are eligible. Redeem or reaffirm secured debts. Fill out the bankruptcy forms. Take a credit counseling course. File the forms. Pay the filing fee or request a fee waiver.
Avoid Transferring Assets Before Filing for Chapter 7 Bankruptcy. Avoid Favoring Creditors Before a Bankruptcy Filing. Avoid Making Credit Card Purchases Before a Chapter 7 Filing. Avoid Depositing Unusual Amounts Before Filing Bankruptcy.
If your annual income, as calculated on line 12b, is less than $84,952, you may qualify to file Chapter 7 bankruptcy. If it's greater than $84,952, you'll have to continue to Form 122A-2, which we'll review in the next section. It should be noted that every state has different median income calculations.
Once filed, a Chapter 7 bankruptcy typically takes about 4 - 6 months to complete. The bankruptcy discharge is granted 3 - 4 months after filing in most cases. Written by Attorney Andrea Wimmer. Most Chapter 7 bankruptcy cases take between 4 - 6 months to complete after filing the case with the court.