Bankruptcy can be defined as the legal proceeding that involves a business or a person that has outstanding debit and are unable to repay it. Filing a petition by the debtor on behalf of the creditors is the initial stage for beginning a bankruptcy. At, The Law Firm of Ted Williams Jr. LLC they offer excellent assistance in filing bankruptcy. It is important to file the bankruptcy properly o get effective result.
There are two types of bankruptcy filings, namely chapter 7 and chapter 13 bankruptcy that benefits the financial distress of a person
Chapter 7 Bankruptcy:

Chapter 7 bankruptcy is filed to seek complete relief from their debts. All debits get wiped away in ninety days if the request is approved. However you need to keep in mind that making purchase or getting credit later on will be quiet challenging. Chapter 7 Bankruptcy should be filed only when your other options are exhausted.

Chapter 13 Bankruptcy:

Filing chapter 13 Bankruptcy can help you to reorganize your financial situation and creates new payment plans. These payment plans are created by the court. If you follow these payment plans you can easily get out from your debts within few years. After filing chapter 13 Bankruptcy, the creditors collection process is stopped and gives you time to work on your financial stability

To file bankruptcy successfully you need an experienced and reliable bankruptcy attorney. To file bankruptcy, there are various factors that the court will measure. You need to make sure that all your financial records are organized and ready to be analyzed. An experienced bankruptcy attorney plays a major role in guiding you throughout the process and make sure you don’t find any difficulties in future.

About:

The Law Firm of Ted Williams Jr. LLC offers excellent legal representation to resolve your issues smoothly. Their practice area includes bankruptcy, family law, criminal law, wills & probate and personal injury. They guide you properly to file your bankruptcy so that you can get relief from your financial distress. For more details visit: http://www.tedwilliamsjr.com/bankruptcy-lawyer/

Address: 311A 1st Avenue East

Oneonta, AL 35121

FAX: (205) 623-4442

Phone: (205) 623-4443

(205) 625-5211