Do you feel your life is collapsing around you financially? Is debt, especially unforseen debt, getting you down? You may want to consider filing for bankruptcy. Attorney Kimberly Taylor, a bankruptcy attorney licensed in Maryland and the District of Columbia, will advise you of your rights and can stop creditor harassment. You can choose to liquidate or reorganize debt, depending on which type of bankruptcy you qualify for; and Attorney Taylor will help you determine which chapter of bankruptcy is best for you based on your situation.
You may have financial troubles because of loss of income, disability, illness, medical bills, divorce or several other life-changing events. When you file for bankruptcy, whether Chapter 7 liquidation or Chapter 13 reorganization, the creditors can no longer attempt to collect from you because filing puts an automatic stay into effect.
The U.S. Bankruptcy code offers you two options, depending upon your unique circumstances.
Chapter 7 Bankruptcy - Commonly referred to as a liquidation bankruptcy, the general idea is that the debtor's assets are sold by a court appointed trustee to satisfy the debtor's debts. However, an actual liquidation is a rarity. Once the bankruptcy petition is filed, an automatic stay is ordered. An automatic stay temporarily stops all collection activity, including creditor calls, home foreclosure, wage garnishments, car repossessions and other related activities.
Chapter 13 Bankruptcy - is referred to as a reorganization bankruptcy. Similar to a Chapter 7 bankruptcy, once a debtor files for a Chapter 13 bankruptcy, the court issues an automatic stay, which temporarily halts all collection activities. The debtor is then placed into a repayment plan which is typically stretched up to five years.
Filing for bankruptcy is an option that has helped millions of people eliminate their debt and get a second chance at a bright financial future.
If you are considering bankruptcy and would like to learn more about your options, we would be glad to meet with you and review your situation.
Your debt relief options will vary depending upon your unique circumstances. During your consultation, we will:
Determining whether filing under Chapter 7 or Chapter 13 is right for you
Learn whether any other debt-settlement options is right for you
Answer any and all questions you may have regarding your financial situation
If a creditor continues to call you, you should advise the creditor that you have filed for bankruptcy and that it should contact your attorney.