Get Legal Assistance to Overcome Debt
Bankruptcy gets rid of financial distress when all other alternatives fail.
You could well be in the same boat.
If you want to make a new start, getting to know the differences between Chapter 7 and Chapter 13 is the best approach.
Chapter 7 by far is the most popular because the process is quicker and cheaper.
Yet, Chapter 13 can be a good option for you because it offers certain advantages that Chapter 7 does not, such as you can retain your house by preventing foreclosure.
So if you are concerned about your house, go for Chapter 13.
But you need to prove you have enough income to:
• Make up your arrears over the next 3-5 years
• Continue making payments
• Pay your lenders for any equity that you cannot safeguard with an exemption
Moreover, there are several issues related to Chapter 13 such as how to pay mortgages during Chapter13, how mortgage rearranges in Chapter 13, and how automatic stay works for foreclosure.
To get an understanding of all these and more, it is best to take assistance of one of Maryland bankruptcy lawyers. The attorney firm can guide you through the entire process in the best possible way suited to your specific needs.
You must also keep in mind that if you fail the Chapter 7 means test, you prove to the court that you have adequate financial resources to repay at least some of your debts in the repayment plan.
This situation can make you eligible for Chapter 13.
The Chapter 13 bankruptcy trustee will do the job of allocating the money to your creditors through a repayment plan.
You can also get a rough estimate of what your minimum amount will be by a Chapter 13 Bankruptcy Plan payment calculator.
If all these seem to be too much of a bother, you can take help from a Largo MD bankruptcy lawyer.
He or she will explain things to you in a way that is easy to understand.
Computing and proposing a Chapter 13 plan is a complicated process.
Hiring and working with one of the Maryland bankruptcy lawyers will make sure that you not commit a costly mistake.
But choose a lawyer carefully.
Look for an attorney who specializes in bankruptcy cases.
The best bet is to get a referral from someone who had a satisfactory experience with a bankruptcy lawyer.
Maryland has county bar associations that can provide you with names of bankruptcy lawyers who practice in your area.
Yet, keep in mind that the bar associations do not check the expertise or efficacy of the lawyers. It is up to you to screen the credentials and experience of the attorney referred to you.
Do not hesitate to hire a bankruptcy lawyer if you are in financial distress.
Handling the case on your own can end up with you making costly errors.
The legal system, more often than not, is complicated and the procedures can be overwhelming.
With an experienced bankruptcy lawyer by your side, you will have peace of mind.