When an individual starts out his or her life’s journey of work, there are thoughts of making it big, and perhaps amassing all kinds of wealth. Yet, the reality of it is that many people with hopeful dreams end up making a financial mess of their lives and are in need of a solution to handle their debt. A Bankruptcy Lawyer in Rockville, Maryland helps clients who have reached the end of their financial tether and need a way out. Here are some of the ways in people facing bankruptcy can deal with the problem.
Ways that Bankruptcy can Help
If a person has reached the point of bankruptcy, his or her finances are in such disarray that it will take a financial wizard to make the problems disappear, or at lease a competent bankruptcy attorney. There are two kinds of bankruptcies that people generally use when they need to file, Chapter 7 and Chapter 13, with the former being virtually a complete erasure of debt, and the latter a reorganization of debt. With the first option, the debtor is able to erase all debts that are not secured, and with the latter option, the debtor gets to keep the property.
More Bankruptcy Information
The person who is seeking to go through bankruptcy will be required to take an approved credit counseling class before filing for any type of bankruptcy. Although many people are hoping for a complete discharge of the debt they would be afforded in a Chapter 7 bankruptcy, the Chapter 13 may look better on a person’s record. This is because in the Chapter 13, the debts are all added up, and the debtor is set up on a payment to pay what the court deems, over a period of time.
Getting a Bankruptcy Lawyer in Rockville, Maryland
The Law Office of Laura Margulies & Associates has operated as a Bankruptcy Lawyer in Rockville, Maryland for many years to clients in need. In addition to bankruptcy, the attorney’s office also handles foreclosures. If a person is looking for a Bankruptcy Lawyer in Rockville, Maryland, the law office is available. For more information, visit the website.
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