Everyone runs into financial difficulties in their lives. Lately, even corporate giants have been laid low by economic woes. If you find that, because of unforeseen changes in your personal circumstances, you have become overwhelmed by debt, you may be looking at the possibility of filing for bankruptcy. In practice this solution may not be the best for your specific situation, but you can discuss this with a Bankruptcy Attorney in Prince George’s County MD during a free consultation. Some individuals may be tempted by various debt consolidation plans, but you should know that you may still have to deal with unreasonably high interest rates, not all of your creditors may be willing to enter into an agreement, and there are always fees that go along with this kind of service. Not all of these services are as honest and above-board as they purport to be, so investigate carefully.
During the meeting with your attorney, you can explain your current situation, ask any questions and express any concerns you may have about the bankruptcy process. Based on the information you provide, the attorney will determine which type of bankruptcy is most appropriate for you. Whether you go with chapter 7 or chapter 13, as soon as your attorney files your bankruptcy, an automatic stay will go into effect which will prevent your creditors from harassing you with demands for payment.
If you and your Bankruptcy Attorney in Prince George’s County MD decide that a chapter 7 bankruptcy is most appropriate for you, you need to be aware that you might have to sell off some of your assets. The good news here is that there are a number of items that will be exempt from liquidation. Your attorney and the court will work to negotiate an amount that you will have to pay your creditors, but it is usually considerably less than the full amount you owe.
Under a chapter 13 bankruptcy plan, a percentage of your debt will be discharged by the court, but the balance will need to be paid off according to a payment schedule approved by the court. The details of this plan will be negotiated by your attorney. The law firm of Laura Margulies and Associates, LLC will work diligently to come up with financial relief that is acceptable to you and the courts. They’ve been offering personalized attention and individualized legal counsel to their clients since 1993. Follow us on Facebook for more information!