Alabama Bankruptcy Law

Alabama bankruptcy law allows individuals and businesses overwhelmed by debt to seek relief through legal processes. The two common types are Chapter 7, which typically involves liquidating assets to pay creditors, and Chapter 13, where individuals create a repayment plan to keep their property while repaying debts over three to five years. Staying current on debts, completing credit counseling, and adhering to court guidelines are crucial. Filing for bankruptcy can help eliminate many debts, but it also has long-term effects on credit scores and financial standing. An experienced bankruptcy attorney can provide guidance suited to individual circumstances.