In an economy slow to gain steam, many Alabamans find themselves facing financial challenges. When a low income, unemployment, or health issue prevents them from making payments on their debt, they may become depressed, stressed, and face creditor harassment. It can make everyday life hard and feeling as if no one is on his or her side. Fortunately, help may be available, but those facing these hardships should not wait too long to act on their options, or else they may lose protection for some of their expected assets.
With business ownership come high risk and the potential for high reward. Unfortunately, many business owners find themselves overextended or facing an imbalance as far as the product or service they offer and the current demand. When this happens, financial challenges can leave the business struggling to survive and the business owner stressed. Perhaps the best option for these business owners to take in attempt to reaching a fresh financial start is to file for bankruptcy.
Many people depend on local governments and municipalities for services that seem so basic it is hard to imagine life without them. Though construction during the summertime can lead to longer commutes and frustrated commuters, fixing the roads is something citizens expect to be done. The same holds true for police officers protecting the streets and the postal work delivering the mail. But what if one day those services had to stop?
After a long period of being constrained by a struggling economy, it can take a while for the tide to turn. Many economic and financial statistics are beginning to show improvements throughout Alabama and the rest of the country, but the numbers still often paint a bleak overall picture. For Alabama residents who are not yet seeing the light at the end of the tunnel, bankruptcy can provide some needed relief from burdensome debt to bring financial stability within reach.
It has been several years since the nationwide housing bubble burst, but many Alabama homeowners continue to struggle. A new report shows many Alabama families falling behind in their efforts to delay or stop foreclosure. Bankruptcy could be a way to help them overcome their financial challenges during a time when fresh starts are invaluable.
A personal bankruptcy filing offers Birmingham residents an option to get debt relief. Both Chapter 7 and Chapter 13 bankruptcy will immediately stop collection efforts and any lawsuits that have been filed against you.
Alabama citizens and others throughout the United States have and continue to experience financial challenges. During these hardships, foreclosure may be unavoidable, but there are debt relief mechanisms, such as bankruptcy, that may be necessary and ultimately quite helpful. For instance, when a person files for Chapter 13 bankruptcy, there is potential to stop home foreclosure proceedings from continuing.
A reader asked an advice columnist how filing for bankruptcy but not actually going through with it will affect his ability to purchase a home. The answer may surprise some of our Birmingham readers. After the reader's company took a big hit financially, he and his spouse decided to file for Chapter 13 bankruptcy, but they decided they did not like the payment plan so the bankruptcy was never completed. Turns out he may have been better off had the bankruptcy been approved as the filing is still on his record.
Alabama readers who tuned into the 2012 Olympic Games this year are probably familiar with Gabby Douglas, America's 16-year-old gold medal winner in gymnastics. Others may be familiar with Gabby's mom, Natalie Hawkins, who has gained attention after her Chapter 13 bankruptcy filing became public. As many Americans root for Gabby Douglas, many will likely root for her mom, also. Her story is one that many others can relate to.