Bankruptcy Law Firm in Maryland – Bankruptcy Law Firm in Maryland – Helping You File for BankruptcyHelping You File for Bankruptcy

• Your finances can take a hit due to circumstances beyond your control. No matter how careful you have been with your money, there might be circumstances or situations where it becomes necessary to file for bankruptcy. You might take this step to prevent your possessions been taken over by creditors or simply put a stop to communications from accredited.

• However, for the layman, filing for bankruptcy is not always an easy process. There are certain qualifications that you must meet before you can expect your claim under the bankruptcy laws to be accepted. There are also certain requirements that you must meet. To understand all the details related to filing for bankruptcy you would need the help of bankruptcy law firm in Maryland.

• A bankruptcy law firm in Maryland will help you understand where you stand, in the eyes of the law, and how much leniency you can expect when it comes to the debt situation. First of all, the bankruptcy law for Maryland will help you figure out if you qualify for filing for bankruptcy. Some of the things they would explain to you are detailed below.

Chapter 7 vs chapter 13Chapter 7 vs chapter 13

• There are basically three types of rules under which you get to file for bankruptcy. Individuals generally use chapter 7 or Chapter 11 while businesses use chapter 13. Note that this is not a hard and fast rule and depending on your financial situation, you would need to file for bankruptcy under a separate or a different category. Your lawyer will explain to you the pros and cons of each type of rule and things such as exemptions.

Doing the paperworkDoing the paperwork

• Paperwork is one of the most tedious things when you want to file for bankruptcy. For many people understanding paperwork is a difficult process, particularly when they are already under a lot of stress owing to their financial situation and calls from creditors. Also, by filing incorrect paperwork, your application might not be considered at all. Or, you might be penalized for not having disclosed everything that is required about your financial situation and the debt burden.

• This is why it is a good idea to work with an experienced attorney who can help you file the paperwork correctly, because this is the first step towards getting a favorable hearing.

Getting the details on your Getting the details on your financial situationfinancial situation

• This is where you will have to closely co-operate with your attorney. You will need to gather proof of your income, assets, and other financial dealings. You would also need to provide details regarding your debts. Your lawyer will explain to you the type of documents that might be needed for filing for bankruptcy.

Chapter 13 bankruptcyChapter 13 bankruptcy• If you are filing for bankruptcy under

chapter 13 of the bankruptcy code you might be required to also offer a plan for clearing your debts. When filing for bankruptcy, you will want to have a plan ready that is well thought out and viable. This is where you will need to work with bankruptcy attorney well versed in state laws regarding chapter 13. You would need to figure out your expenses, and what you can afford to repay, when it comes to your debts. Also, if you have more than one creditor, you might have to think about how to repay all of them or how much to repay each creditor. Note that many liabilities are not exempt. Therefore you might be required to clear these dues, which will include things such as maintenance for family, and old taxes.

• You would also have to ensure that the dates are cleared according to the plan. This might include monthly payments that go towards the clearing of a debt, through the settled plan. For getting a favorable hearing, and clearing debts in a timely manner, you would need to turn to competent bankruptcy lawyers in Maryland.

Law Office Of Rowena N.Nelson,LLC

1801 McCormick Drive Suite 150Largo Maryland, 20774Office - 301.358.3271Fax - 877.728.7744