Harassing telephone calls and the threat of losing everything can be stopped. In certain situations, garnishments, lawsuits, repossessions and foreclosures can be stopped by filing for bankruptcy. The best way to make this determination is by speaking with a chapter 13 bankruptcy attorney in Frederick.
Although parts of
the economy are doing very well, there are many individuals who have
not recovered from the deep recession. Bankruptcy is a legal way to
eliminate the debt and have a fresh start. It’s never too late to
file bankruptcy or to discuss the option with a bankruptcy attorney.
Chapter 13 Bankruptcy?
bankruptcy is a three to a five-year repayment plan to the creditors
of all or part of the debts. Chapter 13 is a reorganization of the
debt. In many circumstances, chapter 13 bankruptcy allows an
individual to maintain most of their assets.
This type of
bankruptcy is used by individuals who want to keep their assets like
their house and car. Chapter 13 allows a debtor to make up their
overdue payments and reinstate their loan agreements.
to File Chapter 13 Bankruptcy
must have a regular source of income and some disposable income to
apply for a chapter 13 bankruptcy. A Maryland Means Test must be
performed to determine the amount that must be repaid. The amount
paid to the creditors must be as much as the creditors would receive
for payment if an individual filed chapter 7 bankruptcy.
The only way to
determine if an individual should file bankruptcy is by speaking with
a chapter 13 bankruptcy attorney in Frederick. They will help an
individual determine which type of bankruptcy can be filed.
Another type of bankruptcy that is used frequently is chapter 7.
Chapter 7 is considered a fresh start and is a complete liquidation
of any assets that are not exempt from the bankruptcy. A trustee will
be appointed to sell the nonexempt property.
There is no reason an individual has to be financially burdened because of a job loss, divorce, death, or overspending. Contact us to learn more about bankruptcy options.