When financial matters overwhelm you due to a lack of money to repay debts, maybe it’s time to learn more about bankruptcy. While it’s not the ideal situation for most people sometimes life has other plans and it becomes the best solution. If other debt solutions haven’t worked, bankruptcy can.
What is Bankruptcy?
Bankruptcy is a legal proceeding in which an individual is relieved of their debts, either through a repayment plan customized to their specific budget or total erasure of the debts, giving the individual a fresh slate to start over on the right financial path.
Types of Bankruptcy
Chapter 7 and Chapter 13 bankruptcy are two of the most popular types of bankruptcy. Each has advantages and disadvantages, but both aim to resolve an individual’s debts. Chapter 13 may stop foreclosures and bankruptcies as well.
Do You Need a Lawyer
Never attempt to file bankruptcy on your own. Although there is no legal requirement to hire a lawyer, it is always better to go to court with the expertise provided by a competent bankruptcy lawyer rockville md. He ensures that steps are completed that would otherwise stand in the way of filing. Lawyers ease the headaches associated with bankruptcy and help you get where you need to be.
Benefits of Filing Bankruptcy
Bankruptcy provides a fresh start for an individual who is overwhelmed in debt. It happens to the best of us, but bankruptcy gets you back on the right track. You can sleep better at night when creditor calls don’t come in all day or letters fill the mailbox. You know that soon, financial relief is there, and that you can get out of the situation that you are in. Bankruptcy helps thousands of people every single year and it can do the same for you.