What is the End Goal for Bankruptcy?

When you are making the difficult decision to file for personal bankruptcy, it is important to understand the purpose and the end goal for the bankruptcy process. Filing for bankruptcy does not have to be a permanent scar on your economic record—there are steps you can take to reach a better future with a more solid financial footing. In this post, I will help you understand bankruptcy, the end goal of the process, and possible solutions for long-term freedom from debt.

Bankruptcy Statistics in Alabama

There are many reasons to feel very proud to be an Alabama resident, but there are also harsh realities faced by many individuals and families here in our state. According to a study conducted by the American Bankruptcy Institute, Alabama’s rate of Chapter 13 bankruptcy filings (65%) is the second-highest in the country, trailing only Louisiana (70%).

These sobering figures only serve to emphasize the importance of not only understanding bankruptcy but also keeping an end goal in mind as you go through the process.

The Purpose of Bankruptcy

Bankruptcy is not designed to be a black mark that you carry with you to feel shame about your financial situation. Instead, bankruptcy is a process to help eliminate the financial risks you are up against in your life and eventually help you reach good financial standing again. These financial risk elements can include:

  • Liens
  • Wage Garnishment
  • Personal Debt

The Constitution gives Congress the power to regulate commerce and bankruptcy, and federal courts are actually designed with the intent to help individuals who are going through bankruptcy. Finding a solution to your debt situation will get you started on the right path.

Long-Term Debt Solutions

The best way to work toward a more sound economic future is to come up with an effective plan to achieve both relief from your current debt as well as avoid debt long-term. As an experienced bankruptcy attorney, I have been guiding my clients and helping them put such plans into place for years. My process for navigating through bankruptcy consists of:

  • Evaluating your current financial concerns and “risks”
  • Exploring the available solutions, including Chapter 7 or Chapter 13 bankruptcy
  • Creating a long-term plan that suits your unique situation
  • Most importantly—helping you follow through on your plan!

Filing for bankruptcy and working your way back to stable financial footing isn’t a process that happens overnight. It takes time and discipline, but it is possible if you stop putting off the things you need to do to make it happen. Meeting with a bankruptcy attorney to discuss your options is the first step.

How a Bankruptcy Attorney Can Help

When you come to me with your financial problems, I will sit down with you and learn the details of your situation. No two clients are exactly the same, and everyone has a different story. It’s part of my job to learn about you and your story so I can help you put together a plan to get your life headed in the right direction. Even if you feel overwhelmed by your debt, having a Huntsville-based bankruptcy attorney in your corner to guide you through the state and federal court systems can make a big difference.

Bankruptcy Attorney Serving Huntsville, Alabama

If you are in the Huntsville area of Alabama and are facing a financial crisis, you need to know that there is hope for a more positive future. I make it part of the mission of my law practice to help individuals and families climb out of deep debt, reclaim their lives, and put their finances back on the right track. I can explain your options, advise you whether or not bankruptcy is a good option for your situation, and guide you throughout your case. To take steps toward a brighter financial future, contact me, Jeffrey B. Irby, P.C., and schedule a free consultation.


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