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COVID-19 UPDATE: WE ARE OPEN! OUR TEAM IS WORKING AND OFFERING CONSULTATIONS VIA PHONE, E-MAIL, AND VIDEO CONFERENCING

Leonardtown Bankruptcy Attorney for Help in an Overwhelming Time 

For many people, the prospect of filing for bankruptcy is daunting for several reasons. However, it is important to remember that sometimes it is your best option – one that can help you make a fresh start and build a brighter future. If you are experiencing financial hardship, a Leonardtown bankruptcy lawyer can help you decide whether bankruptcy is right for you.  

Why You Should Consider Bankruptcy

Bankruptcy is often thought of as an option for people only who have no money. While this is true, it is more accurate to say that bankruptcy is a good option for people who can’t keep up with their bills or are facing a financial crisis. In short, bankruptcy is a way to avoid total financial insolvency and get a fresh start. Filing for bankruptcy can provide the following benefits: 

  • Relief from harassment by creditors
  • Stopping the foreclosure process
  • Halting lawsuits and garnishments

The bottom line is that you do not need to wait until you have no other options in order to consider filing for bankruptcy. If you are facing financial difficulties, a Leonardtown bankruptcy attorney can discuss whether bankruptcy is the best option for you. 

What Are My Options for Bankruptcy in Maryland?

Generally speaking, there are two main bankruptcy options for individual consumers: Chapter 7 and Chapter 13. Each of these options has its own advantages and disadvantages. Choosing which type of bankruptcy to file is an important decision and will depend heavily on your personal circumstances and goals. A Leonardtown bankruptcy attorney can help you decide which option is right for you. 

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is often referred to as “total liquidation.” When someone files for Chapter 7 bankruptcy, they are hoping to be relieved of personal responsibility for any dischargeable debts that they owe. This includes medical bills, credit card bills, and other types of consumer debt. However, you may not be able to retain major assets, and you must qualify for Chapter 7 bankruptcy. The process takes only a few months from start to finish. An experienced Leonardtown bankruptcy attorney can discuss with you whether Chapter 7 is a viable option for you. 

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is essentially a payment plan that the bankruptcy court supervises. In a Chapter 13 bankruptcy, you have 3 to 5 years to pay back any debts that you owe. In some cases, you may be able to reduce the amount of debt that you owe, with the remaining being discharged at the completion of your bankruptcy case. Chapter 13 allows you to retain major assets such as your house or your car, but you must continue to make payments on these assets after you file your bankruptcy case. Chapter 13 bankruptcy is a good option for people who are having cash flow problems but just need some help getting control of their finances. 

The challenge with Chapter 13 bankruptcy is setting up a payment plan that will be acceptable to your creditors. An experienced Leonardtown bankruptcy lawyer will be able to develop a payment plan that will be approved by the bankruptcy court while providing the relief that you need.

Contact Leonardtown Bankruptcy Attorney Thomas E. Pyles

Leonardtown bankruptcy lawyer Thomas E. Pyles has over 30 years of experience helping Marylanders get out from under crushing debt. If you are considering filing for bankruptcy, contact us at 301-705-5006 for a free consultation today.