Bankruptcy Attorney in Upper Marlboro, MD
Bankruptcy Attorney in Upper Marlboro, MD
Navigating Financial Challenges with Compassionate Legal Guidance
In the heart of Upper Marlboro, MD, the Law Office of Rowena N. Nelson, LLC, provides comprehensive legal assistance for individuals and businesses facing financial distress. Understanding the complexities of bankruptcy law is crucial in making informed decisions. This page aims to shed light on how a bankruptcy attorney can guide you through this challenging process.
Understanding Bankruptcy: A Brief Overview
Bankruptcy is a legal procedure that allows individuals or businesses to either eliminate or repay their debts under the protection of the federal bankruptcy court. The main types include:
- Chapter 7 Bankruptcy. Often referred to as liquidation bankruptcy, this involves the selling of certain assets to pay off debts.
- Chapter 13 Bankruptcy. This is a reorganization bankruptcy where debtors propose a repayment plan to make installments to creditors over three to five years.
When to Consider Filing for Bankruptcy
Deciding to file for bankruptcy is a significant step that involves several considerations. It may be an option if you’re:
- Struggling to pay bills
- Facing wage garnishment
- Dealing with foreclosure
- Overwhelmed by unmanageable debt
The Role of a Bankruptcy Attorney
A bankruptcy attorney plays a pivotal role in navigating the legal proceedings. Their responsibilities include:
- Legal advice. Providing comprehensive advice on whether bankruptcy is the right course of action based on your financial situation.
- Paperwork and documentation. Assisting in the preparation and filing of bankruptcy petitions and supporting documents.
- Representation. Acting on your behalf in court proceedings and meetings with creditors.
The Process of Filing for Bankruptcy
- Initial consultation. Your journey begins with an initial consultation to discuss your financial situation and explore your options.
- Filing the petition. Once you decide to proceed, your attorney will prepare and file a bankruptcy petition on your behalf.
- Automatic stay. Filing for bankruptcy triggers an automatic stay, stopping most collection actions against you.
- Meeting of creditors. Also known as the 341 meeting, this is a mandatory meeting where creditors can ask questions about your financial status and the documents you’ve filed.
- Debt discharge. In a successful bankruptcy, many of your debts will be discharged, releasing you from personal liability for these debts.
Choosing the Right Bankruptcy Chapter
Each bankruptcy chapter serves different needs:
- Chapter 7 is suitable for those with limited income who can’t pay back their debts.
- Chapter 13 works best for individuals with regular income who can pay back part of their debts through a structured plan.
Life After Bankruptcy
Filing for bankruptcy can offer a fresh start and a path to rebuild your financial foundation. It’s an opportunity to:
- Eliminate burdensome debts
- Stop foreclosure on your home
- Prevent repossession of a car or other property
- Stop wage garnishment, debt collection harassment, and similar creditor actions
- Rebuild your credit over time
Why Choose the Law Office of Rowena N. Nelson, LLC
Our firm stands out due to our:
- Compassionate approach. We understand the emotional toll of financial distress and offer empathetic, personalized service.
- Experience and knowledge. Our team brings years of experience in bankruptcy law, offering reliable guidance through every step.
- Client-centric service. We prioritize your needs, ensuring clear communication and dedicated support throughout the bankruptcy process.
Frequently Asked Questions about Bankruptcy
Q: Will I lose all my property if I file for bankruptcy?
A: Not necessarily. Bankruptcy laws provide exemptions that may allow you to keep certain assets.
Q: How long does a bankruptcy stay on my credit report?
A: Chapter 7 bankruptcies can remain on your credit report for up to 10 years, whereas Chapter 13 bankruptcies typically stay for 7 years.
Q: Can all debts be discharged in bankruptcy?
A: Certain debts like alimony, child support, and certain taxes cannot be discharged in bankruptcy.
Get the Support You Need Today
Facing bankruptcy is challenging, but you don’t have to do it alone. The Law Office of Rowena N. Nelson, LLC in Upper Marlboro, MD, is here to provide the guidance and support you need. Contact us today to schedule a consultation and take the first step toward regaining your financial stability.
