Credit is essential to our economy, but it can be detrimental to a person’s finances if they find that they no longer have the money to cover all of their expenses. Whether you have lost your job and do not have the income you used to have or you’ve taken out too much credit and have gotten behind in payments, you may find yourself considering bankruptcy to help you get out of your debt and get back on top. If you are, it may be a good idea to speak with a Bankruptcy Lawyer in Washington County, MD to help you through the bankruptcy process. There are two main types of personal bankruptcy, and your lawyer can help you decide what is best for you.
Chapter 13 bankruptcy may be a good choice for you if you can make payments on your debt but are struggling. This bankruptcy can help you consolidate your debts so that you are making one monthly payment until you have paid everything off.
Chapter 7 bankruptcy is helpful for those who cannot do Chapter 13 bankruptcy. In this case, your assets will be sold off to pay for your debts, and remaining debts can be dismissed by a judge.
These are not the only options for outcomes from Chapter 13 or 7 bankruptcy for individuals, and the outcome can vary for each individual as the outcome depends on both the amount of debt that you have as well as your ability to pay it off. This is why it’s a good idea to have a lawyer help you with your bankruptcy. Not only can they look at your debts and income and help you decide what kind to file for, but they can help explain to you what a likely outcome for your particular case will be.
If you’re considering filing for bankruptcy, a Bankruptcy Lawyer in Washington County, MD can be your biggest asset towards helping you get your debts under control and your finances back on track. By calling an attorney such as one from Laura Margulies and Associates, LLC, you’ll be on the right track to getting you and your family back towards your financial goals.
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