The worst thing a person can do when they are dealing with too much debt is ignore it. Creditors will not go away, and simply ignoring the problem will only make things worse. A person needs to face their debt head-on and meet with a bankruptcy lawyer in Rockville, MD.
How Can a Bankruptcy Lawyer Help?
When individuals begin experiencing great amounts of debt and find it difficult to make their payments, it is crucial for them to schedule a consultation appointment with a bankruptcy lawyer in Rockville, MD. These meetings do not involve any obligation but they do allow a person to learn about their legal options for overcoming their debt with as little stress as possible.
A lawyer will look at their client’s financial records, their income, and their assets before offering any type of legal solution. It is important a person learns all they can from the lawyer so they can make a sound decision on whether or not they should pursue bankruptcy.
What Are the Options for Bankruptcy?
There are a couple of types of bankruptcy for individuals to file. Chapter 7 is a type that is for those with incomes lower than the median income of the state they live in. The entire process is typically over within six months. The main drawback with this type of bankruptcy is a person is required to submit some of their assets for liquidation to pay off the debt.
There is also chapter 13, which is beneficial for those with mostly secured debts. Chapter 13 can help a person avoid foreclosure, but they must make their scheduled payments according to the court-approved repayment schedule.
The bankruptcy lawyer in Rockville, MD will help their client determine which type of bankruptcy will be most beneficial for their financial needs. The lawyer will guide their client through the process and work to protect their rights.
If you are dealing with too much debt to pay with your income and would like to learn more about your legal options, visit Law-margulies.com. Call the office right away and they will be happy to schedule your consultation appointment to get started.
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