Although no one relishes the thought of having to file for bankruptcy, it can be a beneficial legal process to help individuals get out of mounting debt they have no control over. This is not meant to be a decision taken lightly, but instead is one that should be sought with careful thought. It is imperative a person learns all they can about bankruptcy and their options so they can make a decision they will find beneficial to their needs. The first step a person needs to take is meeting with the bankruptcy lawyer in Greenbelt.
When a person meets with a bankruptcy lawyer in Greenbelt, their financial records will be carefully reviewed. This is crucial for ensuring the lawyer helps their client determine the best course of action. There are two main options for individuals and couples who need help with debts they cannot pay. To find out which one they can apply for, the client will need to go through means testing, which is simply an investigation into their finances to ensure they meet income requirements.
For chapter 7 bankruptcy, a person must have an income that does not exceed the state median. This type of bankruptcy allows a person to overcome debt quickly, but it may require them to submit some of their non-essential assets for liquidation. In the liquidation process, a trustee works to auction the property so it can be used to pay off debts. The entire process usually starts in around six months or less.
Chapter 13 can allow a person to keep their home if they are in danger of foreclosure. The process prevents creditors from further pursuing a creditor so they are no longer in danger of losing their home or other property or being pursued in court. This type gives a person three to five years to pay down their debts.
If you are dealing with more debt than you can handle, contact a bankruptcy lawyer in Greenbelt. To learn more about how a lawyer can help you overcome your debt, visit Law-margulies.com. They will be happy to help you through each stage in the process.
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