Alabama Debt Relief Attorneys
Are you considering filing bankruptcy? Are you worried that you will lose your home and car? People filing Chapter 13 bankruptcy can keep their home and car, even if they have a large amount of debt, as long as they can keep their payments current. At Gina H. McDonald & Associates, in Birmingham, Alabama, we can help you receive the debt relief you need without losing property and belongings.
If you have questions about debt relief, please contact Gina H. McDonald & Associates at (205) 453-4497.
Some of our clients wrongly assume that creditors repossess all property after filing bankruptcy. Even with a large amount of personal debt, there are several bankruptcy exemptions, including homes and cars. If you have little equity in your house or car and are able to make the monthly payments, you can retain them. In fact, filing Chapter 13 bankruptcy will stop home foreclosure or car repossession.
However, that does not mean debtors will never lose their automobiles or houses. Debtors may have to surrender their house or car if:
- They have too much equity in the property
- They cannot pay the mortgage or auto payments
- The voluntarily give up their home or car in order to reduce debt
Cram Down Mortgages
You can't completely rid yourself of mortgage loans by filing bankruptcy and keep your house, but if your home has declined in value, a bankruptcy judge may be able to reduce your loan by "cramming down" your current mortgage to the actual value of your house. Pending legislation gives hope to those who struggle to pay their "upside down" mortgage each month.
If you're asking, "Can I keep my home and car after bankruptcy," the attorneys at Gina H. McDonald & Associates, can help. Contact our office in Birmingham, Alabama, to schedule a consultation.
We are a debt relief agency. We help people file for debt relief under the Bankruptcy Code.
The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.