Filing for Bankruptcy is Not What You Think

When debts pile up and you do not have money to pay back, you may consider filing for bankruptcy. Yet, it is not as simple as it sounds to be. Bankruptcy laws are complicated and the filing procedure can make you dizzy, especially if you don’t know anything about the law.

 

It is always good to hire an affordable bankruptcy attorney Maryland. He or she will help you consider all options of repaying the debts before you choose to go bankrupt.

 

Handling unsecured debts

Bankruptcy does not wipe off all your debts. Secured debts like a mortgage or car loan still remain. Tax debts, student loans, alimony, and child support payments are also excluded.

Bankruptcy can help you deal with unsecured debts like credit card bills, medical debt, and collections accounts.

 

So, if you are burdened with unsecured debts, bankruptcy can be worth a try.

 

No other way out

If you expect a raise or a promotion in the near future, you can withhold filing for bankruptcy, as you might be able to pay off your debts with the extra money coming in.

 

However, if you have no such thing lined up and your debts are piling, you must consult an affordable bankruptcy lawyer in MD and file for bankruptcy. You can still discuss with your attorney about the best debt relief options before finalizing.

 

Qualifying for bankruptcy

Not everybody can file for bankruptcy. This is not a means to escape from paying your debts.

 

In order to be eligible for filing for bankruptcy, you must prove your financial hardship. If your income is good and, after deducting monthly necessities, you still have enough money to pay the debts, the law will not allow you to declare yourselves bankrupt.

 

The bankruptcy lawyer assesses your financial position and then decides whether you are a candidate for bankruptcy.

 

Many lawyers offer free initial consultations for people struggling to pay their debts. You need not rake your brains in this regard. An experienced attorney will analyze your financial situation and determine what debt relief option is best for you.

 

Bankruptcy is not always the best option. So, before you file in a haste, it is good to consult an affordable bankruptcy attorney in Maryland. Those planning to file pro se (without a lawyer) should not hurry into the decision. It is good to consult a lawyer and then make the final go. What if you find a better alternative?