Getting To Know Bankruptcy & Choosing the Best Optionby John Fostar Media Releation
Bankruptcy is a
horrific word. It has menacing connotations for people. We hear of frightening
stories of celebrities, businesses, and conglomerates that have gone bankrupt.
The list is longer
then we think.
Perhaps we all are
vulnerable, regardless of how secure we feel financially.
After all, we are
living in an era of attractive loan offers for cars, dream houses and other
Using credit cards is
an accepted norm.
So are you at a risk
for bankruptcy? How much do you have to be in debt to file for a bankruptcy
You could be at risk if you are in a few of
the following scenarios:
collectors are knocking at your door
you are making only the minimum payments on your credit cards
loathe sorting out your finances
you are considering debt consolidation
have no idea how much you owe.
A good idea is to
make an assessment of where you stand financially.
Tally up your credit
statements and compare them with your liquid assets. While doing so, do not
forget to include stocks, your real estate, your car and any savings accounts
If your liquid assets
are less than what you owe, then filing for bankruptcy can be an answer.
The process is not
simple though. You will need assistance of a lawyer specialized in chapter 7 bankruptcy in Maryland.
Of course you can
voluntarily file for bankruptcy or request the creditors to ask the court to
declare you as bankrupt. A better
approach is to consult a chapter 7
bankruptcy lawyer in Northern Virginia.
The lawyer will
familiarize you with the basics of bankruptcy and help you understand that it is
not something to go about in a casual manner.
One key concern
people have is about the nondischargeable debts
in Chapter 7.
Yes, Chapter 7 erases
your debt and allows you to get a fresh start.
Do all debts qualify
Many qualifying debts
can be got rid of such as medical bills, some types of loans, and credit card
But some are
nondischargeable. These include:
types of taxes
To get an exact idea,
it makes sense to contact a lawyer specializing in chapter 7 bankruptcy in Northern Virginia.
There are several
situations when Chapter 13 can be more appropriate than Chapter 7.
Chapter 13 is
well-suited to you if you have fallen behind in your business payments but you
want to retain your property.
A chapter 7 bankruptcy Maryland lawyer
will explain to you that Chapter 13 will allow you to catch up with your unsettled
payments over a period of time and restore original mortgage agreement.
decision, therefore, is essential. If you do not do this, with Chapter 7 you
lose your non-exempt property and if you are facing foreclosure of your home,
the automatic stay is only temporary.
But of course, with
Chapter 7, your have several advantages that may suit you better.
Law Office of Rowena
N. Nelson is among the top lawyer firms in Maryland. This law firm provides a
wide range of legal services including in bankruptcy law, criminal law and
Created on Jul 16th 2019 01:14. Viewed 297 times.