If you're tired of avoiding phone calls from creditors calling about your debts, it may be time to seek a Frederick bankruptcy attorney for case-specific bankruptcy information.
Bankruptcy laws were created to help people get back on financial track and speaking with a Frederick bankruptcy attorney is a great way to explore the process and learn about your rights.
And if you're worried that your home is going to be foreclosed on or your car repossessed, don't wait to take action before creditors come knocking on your door.
Talk to one of our sponsoring Frederick bankruptcy lawyers and learn more about the bankruptcy process before your decision to file for bankruptcy. Click below or call 877-349-1309 to get started.
A Frederick bankruptcy attorney can tell you about the two main types of personal bankruptcy--Chapter 7 and 13:
Chapter 7 bankruptcy is often referred to as liquidation bankruptcy since the bankruptcy trustee has the option of liquidating (selling) a filer's non-exempt assets to pay off credit card debt, medical bills, old utility bills, unsecured loans or other unsecured debts.
But because most Chapter 7 bankruptcy petitioners do not have any non-exempt assets, there is usually no sale of property.
A Frederick bankruptcy lawyer can explain in much more detail about the exemptions that may apply in your case, but exemptions usually include a certain amount of value in a home and car, clothing, furniture, equipment needed for work and other necessities.
Chapter 13 bankruptcy is based on repaying debts according to a schedule that agrees with the debtor's income and living expenses.
People who have regular income and can make regular payments but have fallen behind on debts due to some unforeseen expenses like medical bills often use Chapter 13 bankruptcy to get back on track.
A Frederick bankruptcy lawyer can explain the Chapter 13 repayment plan in more detail.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local bankruptcy attorney. Laws may have changed since our last update. For the latest information on your state's laws, speak to one of our sponsoring Frederick bankruptcy attorneys.