Bankruptcy can be a tough
challenge to deal with, especially if you have had a smooth and trouble-free
existence and have to now confront a situation where there is a severe
constrain of funds, even for your basic requirements. If you are facing a
similar situation and looking at ways to get relief, the best approach is to
utilize the services of an experienced bankruptcy
lawyer Maryland. The law firm you choose will analyze your situation and
decide whether you need the services of a Chapter 7, Chapter 11, or Chapter 13 bankruptcy lawyer Maryland.
Who Can File For Chapter 13?
It must be understood that
Chapter 13 is not an option available to everyone who’s filing for bankruptcy. It
is a type of reorganization of funds over a specific period of time. This means
you are required to repay a significant portion or your entire liabilities
within a time frame mutually agreed between all parties affected and concerned.
An experienced Chapter 13 bankruptcylawyer Maryland will be able to help you understand the law better in this
regard.
When you file for bankruptcy
under Chapter 13, you are spared the embarrassment and the disappointment of
having to sell all your assets to clear your debts. Chapter 13 bankruptcy is
used for creating a repayment plan that incorporates your income to taper off
your debt gradually over a specific number of years as allowed by the
bankruptcy laws of your state.
Credit Counseling and Other Mandatory Steps
Chapter 13 is typically used by those
debtors who have a steady income source and have the capability to repay their
accumulated debt after suitable reorganization over a time frame of three to
five years. The best Chapter 13
bankruptcy lawyer Maryland will be able to guide you in the right direction
after taking into account your current financial situation and future fund flow
and goals.
All debtors have to mandatorily
receive credit counseling from an agency approved for the purpose before they
can file for bankruptcy. These agencies can charge you a fee for their services.
However, if you are not in a position to pay, they must provide free counseling
or reduce their standard reduced rates. You will also have to shell out money
towards the filing fee and for various types of forms and documents that have
to be attached with the Chapter 13 bankruptcy filing application.
If you are not an ideal candidate
for Chapter 13, you can consult an experienced Chapter 11 bankruptcy attorney MD to assist you.
No comments:
Post a Comment