Bankruptcy Attorney in Fort Washington, MD
Bankruptcy Attorney in Fort Washington, MD
Understanding Your Bankruptcy Options
At the Law Office of Rowena N. Nelson, LLC, we provide comprehensive legal guidance for individuals and businesses considering bankruptcy in Fort Washington, MD. Our aim is to help you navigate the complexities of bankruptcy law and find a path to financial stability.
What Is Bankruptcy?
Bankruptcy is a legal procedure for individuals or businesses unable to repay their outstanding debts. The process begins with a petition filed by the debtor, which can lead to the liquidation or reorganization of assets to pay off debts.
Types of Bankruptcy
- Chapter 7. Also known as liquidation bankruptcy, it involves the sale of non-exempt assets to pay off debts.
- Chapter 13. This form of bankruptcy focuses on debt reorganization and allows individuals to keep their property and pay debts over time.
- Chapter 11. Often used by businesses, this option involves reorganizing debts while maintaining business operations.
How a Bankruptcy Attorney Can Assist
- Initial consultation. Assessing your financial situation to determine the most suitable bankruptcy option.
- Filing process. Guiding you through the complex process of filing for bankruptcy.
- Legal representation. Advocating for your interests in court and during creditor meetings.
The Benefits of Filing for Bankruptcy
- Debt relief. Offers a fresh start by discharging or reorganizing debts.
- Automatic stay. Halts most collection actions, including foreclosures, garnishments, and repossession activities.
- Financial reorganization. Helps in restructuring your finances to facilitate a more manageable debt repayment.
Choosing the Right Bankruptcy Path
Each bankruptcy chapter has specific requirements and outcomes. Our team will help you understand the implications of each option and guide you to the choice that best aligns with your financial goals.
The Bankruptcy Process in Detail
- Means test. Determines your eligibility for certain types of bankruptcy.
- Credit counseling. A prerequisite before filing.
- Filing the petition. Initiating the bankruptcy process with appropriate documentation.
- Meeting of creditors. A mandatory session where creditors can ask questions about your finances and the filed petition.
- Debt discharge or repayment plan. Depending on the type of bankruptcy, debts may be discharged or a repayment plan established.
Why Choose the Law Office of Rowena N. Nelson, LLC?
- Personalized attention. We take the time to understand your situation and tailor our services to meet your needs.
- Legal acumen. Our team stays updated on the latest bankruptcy laws and regulations.
- Client support. We provide ongoing support throughout the bankruptcy process.
Frequently Asked Questions about Bankruptcy
Q: Will bankruptcy affect my credit score?
A: Yes, bankruptcy can impact your credit score. However, the long-term benefit of debt relief often outweighs the initial impact.
Q: Can all types of debts be discharged in bankruptcy?
A: Not all debts can be discharged. Certain obligations like alimony, child support, and some taxes may not be eligible for discharge.
Q: How long does a bankruptcy filing remain on my credit report?
A: It can remain on your credit report for up to 10 years, depending on the type of bankruptcy.
Take the First Step Toward Financial Freedom
Facing financial challenges can be overwhelming, but you don’t have to navigate them alone. If you’re in Fort Washington, MD, and considering bankruptcy, the Law Office of Rowena N. Nelson, LLC is here to help—contact us today.
