Alabama Chapter 7 and Chapter 11 Bankruptcy Lawyers
When a person wishes to file for bankruptcy, his or her bankruptcy lawyer must make certain mandatory disclosures. Mandatory disclosures are used in order to allow people who wish to file for bankruptcy to understand the process and to make fully informed decisions about debt relief.
At Gina H. McDonald & Associates, our experienced attorneys help our clients learn about the process of bankruptcy and take the appropriate steps for the debt relief they need.
Birmingham Mandatory Disclosures Attorneys
Federal bankruptcy laws allow individuals and businesses to file for different types of bankruptcy, including:
- Chapter 7 — the liquidation, or discharge, of certain unsecured debts, including medical bills and credit cards
- Chapter 13 — allows people to repay debt over a three- to five-year period and discharge the remaining debts once the period is over
- Chapter 11 — allows businesses or individuals to reorganize debts and discharge them after an established repayment period
Under federal bankruptcy law, it is mandatory to use the services of a credit counseling agency that can help you create a budget, advise you about managing your money and provide additional resources to help you once bankruptcy is finished.
You must make statements and disclosure in a bankruptcy petition that are complete, truthful, and accurate. All liabilities and assets must be disclosed, and the replacement value of those items must be provided if requested. Your monthly income must also be stated.
Learn More About Your Rights in Bankruptcy
Make an appointment and talk with one of our experienced bankruptcy lawyers about mandatory disclosures. We have offices in Birmingham and Oneonta. Contact our firm by e-mail or by calling us toll free at 888-412-9047.