Bankruptcy and Finances

What Happens if I Fall Behind on My Mortgage Payment If I’m in Chapter 13 Bankruptcy in Alabama?

When you file Ch. 13 there is a provision in the law called the Automatic Stay. The Automatic Stay is like a blanket that covers you when you file, preventing your creditors from taking “any action to collect a debt” from the date that you filed forward without permission from the Court. That Automatic Stay provision is what stopped the foreclosure when you filed.

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How Long After a Foreclosure do I Have to Move Out of my Home in Alabama?

In Alabama you have ten days after the foreclosure to move out in order to preserve your legal rights. If you move out within that ten day period Alabama law gives you the right to buy back the house for the amount that you owed at the time of the foreclosure. This is called a right of redemption.

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Can I Keep My Home in Alabama Without Paying for it if I File Bankruptcy?

If you file Bankruptcy (either Chapter 13 or Chapter 7) you have to continue to pay for the things that you want to keep. For example, if you owe $12,000 on your car and you file Chapter 13 you will have to pay at least $220.00 per month over a five year period of time to pay off the car.

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Alabama Bankruptcy and Debt Relief Questions

Since calls to my office about bankruptcy have been increasing, I’ve decided to share some bankruptcy FAQs with you. These are short answers to complicated questions. If you are considering filing bankruptcy, it is important that you hire an experienced attorney.

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