There are many reasons people get in over their heads with debt. Whether your debt is due to a job loss, unexpected illness or poor planning, there is help available. First, you need to contact those you owe and try to work out arrangements. Ignoring the calls and letters from creditors will only exacerbate the problem. If you have done all you can to be free of your debt and are not finding any relief, you may want consider hiring the Silver Spring MD Best Bankruptcy Lawyer. Through a lawyer, you can learn about your options for filing for bankruptcy, so you can make an informed decision.
There are two main options citizens have when filing for bankruptcy. They include:
* Chapter 13 bankruptcy allows you to pay of all your debts and stop any collection activity. First, you will need to meet with the Silver Spring MD Best Bankruptcy Lawyer. It is important you bring in information on all debts you owe, so the lawyer can make sure they are listed in your bankruptcy decree. Any debts that are not listed are still your full responsibility and could result in you being pursued by the creditor. This type of bankruptcy allows you to keep all of your assets and property. You pay a monthly payment through the court, that is dispersed among the creditors you owe. The period for this bankruptcy ranges from two to five years, depending on how much debt you have. By the end of the bankruptcy period, your debts will be paid off and you can have a brighter financial future.
* Chapter 7 bankruptcy works much differently than chapter 13. With this bankruptcy, you are allowed to keep your residential home, furniture, car and clothing, but all other assets must be sold. Your property is liquidated to pay off all of your debts. The court will place a trustee over your case. The trustee is responsible for making sure your assets get sold and the proceeds go to pay off the debts you owe. For most cases, the bankruptcy is completely settled in six months.
If you need help from the Silver Spring MD Best Bankruptcy Lawyer, visit website. They will be glad to meet with you and go over your options for filing for bankruptcy, so you can make the best choice for your financial needs.