Benefits of Bankruptcy in Glen Burnie
The Advantages of Bankruptcy
Bankruptcy is a legal remedy that helps a person in severe financial trouble eliminate their debts. Chapter 7 bankruptcy is the liquidation of non-exempt assets to pay credit ors, after which any remaining debts are discharged. In a Chapter 13 bankruptcy, creditor payment plans are restructured to make it easier to pay off creditors. There are many advantages to filing for bankruptcy, such as an automatic stay, that stops creditor collection efforts, foreclosure, repossession and wage garnishment. When a Chapter 7 bankruptcy has concluded most if not all of a person's debts will be eliminated, allowing them to start fresh. Chapter 13 can help reduce credit card debt and enable a person to get caught up on any past due mortgage payments over a period of years. Depending on the situation, a second mortgage on a home can also be stripped.
If you are in debt, contact a Glen Burnie bankruptcy lawyer to discuss your legal options. An experienced bankruptcy attorney can discuss the advantages of this legal remedy in regards to your particular situation.
Bankruptcy Attorney Serving Anne Arundel County
There are various reasons why a person should consider bankruptcy if they are having financial difficulties. It may be the right solution for you if are:
- Borrowing money from family and friends to pay bills
- Using credit cards for basic living expenses
- Spending more than 15% of your income on credit card bills
- Using savings or retirement accounts to cover your expenses
- Receiving calls and letters from creditors demanding payment
- Behind on your bills
- Have received a Notice of Default from your mortgage company
- Are in danger of having your car or other property repossessed
- Pawning your property to make ends meet
- Taking out short-term loans between pay periods to keep afloat
The legal team at Ward Pratz & Associates, P.A. is available to help you resolve your money problems. We are a respected bankruptcy law firm that can give you advice regarding your finances and assistance with the bankruptcy process. Our firm can also provide you with skilled legal expertise on other debt relief solutions when considering your options.
Contact a Glen Burnie bankruptcy lawyer for legal advice on how to remedy your debt situation.