When you hire a Prince Georges County, MD Bankruptcy Attorney the lion’s share of the work that they are going to be doing for you is preparing your case. This includes typing and filing your bankruptcy petition. The petition is all of the applications and official forms that need to be filled out in order to file bankruptcy before the court. The length of your bankruptcy petition depends entirely on how much debt you are in. It is not uncommon for someone to have a bankruptcy petition that is anywhere between 30 and 100 pages long. It is no surprise how easy it is to make a mistake handling bankruptcy on your own with that many pages to compose. Once the attorney you hire from a law firm such as Laura Margulies and Associates LLC files your petition, you will be placed in what is referred to as an automatic stay. This is going to prevent creditors from being able to contact you or attempt to collect money you owe them.
After the law firm such as Laura Margulies and Associates LLC files your bankruptcy petition, you will be required to attend a meeting that is called the 341 Meeting of the Creditors. Typically, this meeting will take place between 30 and 45 days after you have filed. Your lawyer would be able to be present with you during this meeting to discuss any potential issues that might come up.
After your bankruptcy has been discharged, you will get to enjoy life without being constantly harassed by creditors. Your ratio of debt to income will be improved and lenders are likely to consider you less of a liability. This means that if you had wanted to purchase a house, you might actually be considered for a loan. Naturally, you should keep in mind that the fact that you filed bankruptcy will be present on your record. This is not necessarily a bad thing, but it will be 10 years before the fact that you filed gets completely removed from your record. For a lot of obvious reason it will be easier for you to get loans and credit cards once the bankruptcy is off of your record completely.