Charles County Bankruptcy Attorneys
Declaring bankruptcy in today's economy no longer carries the stigma of shame and embarrassment. Instead, many people are finding it a way to regain financial footing with the help of experienced bankruptcy lawyers.
Whether your situation calls for a fresh start through a Chapter 7 bankruptcy filing or for a structured repayment plan through Chapter 13, the Law Offices of Thomas E. Pyles in Waldorf, Maryland can help you through the often complex process of qualifying and filing for bankruptcy:
- Determine whether filing for either Chapter 7 or Chapter 13 is right for you
- Understand your qualifications to pass the Chapter 7 means test
- Understand any obligations to your creditors
- Stop harassment from creditors
- Understand which debts are affected by bankruptcy and which debts are not
Chapter 7 bankruptcy is the most straightforward form of bankruptcy and it essentially wipes your financial slate clean. It can be a good option if you are unable to pay your debts and face potential suits from creditors. To qualify for Chapter 7, you must pass a means test based on your income relative to the median income for families in Maryland, based on U.S. Census Bureau statistics. If your income falls below this threshold level, you are eligible. If you earn more, you may need to file for Chapter 13 instead.
Filing for bankruptcy requires a great deal of paperwork. Our experienced Charles County lawyers can help you file your petition, schedules, and a statement of financial affairs with the U.S. Bankruptcy Court for the District of Maryland. We can also guide you through the process that typically includes a hearing and a meeting with your trustee and creditors.
Filing Chapter 13 bankruptcy reorganizes your debts and allows you pay them off within three to five years. Chapter 13 can work best for you if you—
- Are behind on your mortgage payments
- Owe money to the IRS
- Do not pass the Chapter 7 means test
- Need relief from collection proceedings
- Have debts with co-signers
When you file for Chapter 13 bankruptcy, you include a proposed plan that provides payment of all priority claims, such as taxes, in full. If the court approves your plan, you make monthly payments to the court-appointed bankruptcy trustee, who distributes the funds to your creditors accordingly. You also keep all your assets throughout the plan’s payment period as long as you do not miss any payments.
If you complete the approved plan, your unpaid debts are discharged. If, for some reason, you are not able to complete the plan, the Law Offices of Thomas E. Pyles can help you determine your best legal options.
When you stand at the crossroads of your life, contact the Law Offices of Thomas E. Pyles
If you face bankruptcy, now is the time to benefit from aggressive representation and responsiveness to your needs. Call the Law Offices of Thomas E. Pyles today at 301-705-5006 to schedule your free initial consultation or contact us online. We offer 24-hour service and evening and weekend appointments for your convenience.
Serving Charles, Calvert, St. Mary's, and Prince George's counties in Maryland