There are times in a person’s life where their finances become overwhelming and they are unsure of how to get out of debt. If this happens to you, there are options available to get you back on track and get out of debt. One way to do this is to hire a Bankruptcy Attorney in Prince George’s County, MD. They will be able look at your situation and suggest the right bankruptcy chapter for you. In this current economy, there are several people who have to file for bankruptcy and it’s not something to be embarrassed about. Things happen that make it difficult to get on top of your bills, like losing a job or medical emergency. However, there is help available and filing for bankruptcy may be the option right for you. There are a few different types of bankruptcies to choose from and depending on your situation will determine which one you need to file.
One type of bankruptcy is a Chapter 7 bankruptcy. In this type of bankruptcy your creditors will be told that you are unable to pay the debts you owe them. However, you may have to surrender some of your belongings to the court. The perk to this type of bankruptcy though is that your debt is wiped clean thereby getting those collection calls to stop. The downfall to this type of bankruptcy is it may be difficult to rebuild your credit and can prevent you from getting a loan for a big purchase later. This is only one type of bankruptcy and there is another option for those of you who want to rebuild their credit quickly and that is with a Chapter 11.
A Chapter 11 bankruptcy is a good option for those who want to re-establish their credit. This is done by filing with the courts paperwork that will help you come up with a repayment plan to your debtors. This chapter can take some time to file and to repay those that you owe. When you choose this type of bankruptcy you will be able to keep your assets. This is a good for those who may not have a lot of debt but needs assistance in getting a repayment plan.