Sometimes it is easier to file Chapter 7 or Chapter 13 bankruptcy than it is to try to pay an ever-mounting burden of debt. When you seek help from a bankruptcy lawyer, he or she can explain how each type of filing works. By taking this approach, you can release yourself from the stress of this type of financial dilemma.
A Sensible Way to Relieve a Large Burden of Debt
That is why it is good to know that you can talk to bankruptcy lawyers in Bel Air, MD about your bankruptcy choices. By contacting a local law firm, you will make it easier to file a petition for bankruptcy and permanently remove or reorganize your debt.
Looking at the Solutions
When you speak to bankruptcy lawyers, you will discover that Chapter 7 bankruptcy covers liquidation, while Chapter 13 reorganizes certain debts. The type of filing you choose will be based on your income and assets. For example, if you make enough money to pay off a portion of your debts through reorganization, you may want to select the Chapter 13 form of remediation. Alternatively, Chapter 7 is advised if you own little property or have difficulty meeting your basic expenses.
Getting Rid of the Burden
Bankruptcy lawyers who specialize in Chapter 7 filings can get rid of most of all your unsecured debts. The only exceptions are student loans and taxes. You must pay student loan and tax obligations, even if you find it impossible to take pay your other debts.
Where to Obtain Legal Help
To learn more about how filing for bankruptcy can benefit you, contact a law firm such as Christman & Fascetta LLC in Bel Air, MD today. The sooner you take this step, the sooner you can wipe your financial slate clean and begin again. Do not waste another moment of time. Make that call now. If you are filing for Chapter 7 bankruptcy, all you need to provide are property deeds, six months of paystubs, your tax returns, and your financial statements.
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