Debt is common and is often dealt with over a period of time and making payments. When a person loses their job or becomes seriously injured or ill, making payments can become difficult, causing them to become further and further behind. When this happens, it is imperative an individual seeks help from Silver Spring bankruptcy law. A law firm can help an individual make the tough decision on whether or not bankruptcy will be an option for them.
Bankruptcy can help a person who feels they are drowning in debt. When a person has done all they can to make payment arrangements, to no avail, it is crucial that they schedule a consultation meeting with the lawyer so they lawyer can carefully review their financial records. At this appointment, the lawyer can help their client determine which type of bankruptcy will be most beneficial for them to file.
There are two main types of bankruptcy in the United States. Before a person files for bankruptcy, they must go through credit counseling and a means test to determine if they are eligible for chapter 7 or will need to file chapter 13. Each type offers benefits, depending on the type of debt a person owes and their income. A person will need to seek help from the Silver Spring bankruptcy law so they can get started on the process.
Chapter 7 is a fast type because most people have their bankruptcy settled in as little as six months. For this type, a trustee is placed over the case and in charge of liquidating assets to pay off debts or absolving them, depending on the debt type. A person is allowed to keep their non-essential property.
Chapter 13 is more suited to those who are about to lose their home to foreclosure. This type introduces a restructured payment plan that is submitted to the court for approval. With chapter 13, all collection must cease right away so a person is allowed to keep their home and given time to catch up payments.
If you would like to know more about Silver Spring bankruptcy law, call today for your appointment. To learn more about how a lawyer can help you, visit Law-margulies.com.
