If someone is having difficulty paying their bills, they may quickly find themselves slipping behind while accumulating additional fees and interest charges. When it seems impossible to keep up with bills, they may decide to hire a Bankruptcy Law Attorney in Baltimore to get them out of this rut. While filing for bankruptcy may not seem like the best idea, it can actually improve the person’s credit rating faster than allowing bills to continue to fall by the wayside.
An attorney will look at the financial situation the person is in and make recommendations on how to get their bills paid effectively. If there seems to be no way to make enough money to keep up with finance charges and late fees, filing for bankruptcy may be the right solution. The attorney will look into the numbers along with the client to determine the right way to proceed.
In several cases, there may be other options to take before filing for bankruptcy. A debt consolidation company can be hired to help make payments at lower amounts in an attempt to catch up with the amount owed. The company would renegotiate the terms of each of the bills to come up with a payment plan that works for the customer.
If bankruptcy is imminent, the attorney will do their best to make sure the client keeps possession of their home and vehicle, if they own these items. The client would need to make payments to the court instead of the bill collectors, and the amount they pay will be distributed to the creditors. The terms of the payments may be extended when filing for bankruptcy. The best way to determine what type of bankruptcy to file would be to talk to an attorney.
If someone is in need of an attorney to determine which path to take with financial woes, they can contact a bankruptcy law attorney in Baltimore. The lawyer would set up a meeting for a consultation to go over the financial numbers in depth with the client. They would then start the process of filing paperwork needed to eliminate the debt for the client. Get a FREE consultation from a professional today.