maryland bankruptcy lawyer – helping individuals get a new lease of life
Post on 24-Jan-2017
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Maryland bankruptcy lawyer Helping Individuals Get a New Lease of Life
Bankruptcy is a series of federal laws enacted to allow people to be relieved from their debts and start all over againThe terms and conditions of the bankruptcy laws underwent significant changes in 2005, making it difficult to make a fresh startAn individual who wishes to file for bankruptcy must know when to file for bankruptcy, the different types of bankruptcies and the procedures for filing. In case you are overwhelmed by the procedures, taking assistance from Maryland bankruptcy lawyer is a prudent step
When you are steeped in debt, you wonder whether you should file for bankruptcyBut before you go ahead you must clearly understand the benefits and drawbacks of filing for bankruptcyThe benefits for filing bankruptcy are, (1) you get an automatic stay putting your creditors on notice that they should stop collecting money from you; (2) If your case is successful the court will issue discharge of certain debts, which in effect will mean you will not have to repay them
Deciding to file bankruptcy
The main disadvantages are, (1) bankruptcy does not free you from debts related to mortgages, student loans, child support alimony and federal taxes, (2) you may lose certain nonexempt property, and (3) your credit score will be negatively impacted
Maryland bankruptcy lawyer will tell you that if you are able to reduce your debts and / or work out a favorable payment plan with your creditor(s), it is a better option than filing for bankruptcy. In any case consider filing for bankruptcy when: you are out of job for an extended period of time and have no unemployment benefitsyou have neglectful unpaid taxes you are owning a home that is nearing foreclosure you have pending lawsuits for neglectful unpaid bills
When to file for bankruptcy
When you are monetarily in a tight corner, it is understandable that you will try to avoid hiring a bankruptcy lawyer, because you believe it will add to your financial woes. However, the fact is you will save money in the long run if you take assistance from an attorney to handle your bankruptcy.
Here are some compelling reasons why hiring bankruptcy attorney is truly worth it
Why is it prudent to hire a bankruptcy lawyer?
Safeguard from ambiguity There are many complexities in a bankruptcy petition. These include communications from court, trustees who evaluate your case, and interference from creditors. Steering your way through these intricacies on your own can be extremely stressful, because you never know whether your actions will result in grant of discharge.
Protection from the unfamiliar Even if you do the best from whatever information is available, youre operating with a lot less information. For example you may not be familiar with the statute of limitations on some of your debts.
Shield against errors It is not easy to fill out a plethora of paperwork correctly. For example if you want to keep one of your property, you may feel you must not include it in the petition. This can be a grave mistake. There are proper ways to protect your property. You must list it in an appropriate manner, with the right information and at the proper place.
There are professionally competent bankruptcy lawyers in Largo who have the right experience, and skills, and they charge reasonable fees as well. A Maryland bankruptcy lawyer is a true bankruptcy expert and not someone who has a multitude of practice areas.
Personal bankruptcy is a good way to deal with out-of-control financial situation. But remember it will still not eliminate all of your debt. Learn to take a prudent decision.
1801 McCormick Drive Suite 150Largo Maryland, 20774
4800 Hampden Lane Suite 200Bethesda, MD 20814