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The practice of bankruptcy and insolvency is complex and requires strategic thinking and creative problem-solving. Helmsing Leach’s bankruptcy attorneys provide guidance in navigating the bankruptcy realm for creditors, debtors, and Trustees.

Whether you’re seeking debt relief, facing creditor harassment, or exploring options to save your business, our team is here to help you achieve a favorable outcome and regain control of your financial future. Contact us today to learn more about how we can assist you.

What is Bankruptcy?

Bankruptcy is a legal process designed to give individuals and businesses overwhelmed by debt a fresh start and an opportunity to reorganize or liquidate their assets under the protection of the court. Thus, success in this practice requires extensive knowledge of the financial industry and a deep understanding of the client’s businesses.

Helmsing Leach is a bankruptcy and creditor’s rights law firm that specializes in guiding clients through the complexities of bankruptcy law, providing strategic counsel and personalized solutions tailored to their unique circumstances.

Renowned Alabama Bankruptcy and Creditors’ Rights Attorneys

We offer the expertise to protect and enforce creditors’ interests in bankruptcy and non-bankruptcy workouts, business dissolutions, and restructures. We represent asset-based banking and finance service institutions, including local, regional, and national banks. We have extensive experience representing credit unions and smaller local banks and are particularly attuned to the needs of those clients. We also represent bankruptcy Trustees, Examiners, and other Fiduciaries.

Our firm also represents creditors and corporate debtors facing the numerous issues that accompany business insolvencies. This practice focuses on the pursuit of secured collateral, the seizure and sale of collateral (including the execution of claim and delivery and foreclosure proceedings) and collections.

Our bankruptcy lawyers are licensed in all courts in Alabama and the Northern District of Florida. They have also made special appearances in bankruptcy courts all over the country, representing the rights of local companies in bankruptcy cases.

Do You Need an Attorney for Bankruptcy?

While it is possible to file for bankruptcy without an attorney, having experienced legal representation can significantly improve your chances of success and ensure your rights are protected throughout the process.

The respective rights of creditors and debtors once a bankruptcy is filed can be confusing. Helmsing Leach can provide crucial legal expertise, protect your rights, negotiate with creditors on your behalf, and navigate complex legal procedures to achieve the best possible outcome.

Question & Answer

Bankruptcy law provides several options for individuals and businesses facing financial difficulties. Helmsing Leach bankruptcy attorneys specialize in Chapter 7, Chapter 13, and Chapter 11 bankruptcies, each serving different purposes and offering unique benefits. 

Chapter 7: Often referred to as liquidation bankruptcy, Chapter 7 allows individuals and businesses to discharge most unsecured debts by selling non-exempt assets.

Chapter 13: Known as reorganization bankruptcy, Chapter 13 enables individuals with a regular income to create a repayment plan to pay off all or part of their debts over three to five years.

Chapter 11: Primarily used by businesses, Chapter 11 bankruptcy permits the reorganization of debts while allowing the business to remain operational. This chapter offers more flexibility compared to Chapter 7 and Chapter 13 and is often used for large corporate restructurings.

Yes, filing for bankruptcy initiates an automatic stay, which legally prohibits creditors from continuing collection actions against you. This includes halting harassing phone calls, letters, lawsuits, wage garnishments, and other forms of collection activity. The automatic stay provides immediate relief and allows you to focus on your bankruptcy proceedings without the constant pressure of creditor harassment.

Bankruptcy can indeed have an initial impact on your credit score, as it will be reflected in your credit report. However, it’s essential to understand that bankruptcy is not the end of your financial journey. With responsible financial management and diligent efforts to rebuild your credit, you can gradually improve your credit score over time.

Bankruptcy allows for the discharge of certain debts. 

Dischargeable Debt: Typically, unsecured debts such as credit card balances, medical bills, personal loans, and utility bills can be discharged in bankruptcy.

Non-dischargeable Debts: Certain debts, such as child support, alimony, most tax debts, student loans (with exceptions), and debts incurred through fraud or malicious conduct, are generally not dischargeable in bankruptcy.

Helmsing Leach’s bankruptcy and creditors’ rights attorneys can help you identify which debts are dischargeable and which may require repayment or restructuring. Our strategic approach to bankruptcy cases will allow you to maximize the benefits of filing and take proactive steps toward a brighter financial future.