When debt becomes overwhelming and creditors are making constant threats, it is crucial for those affected to explore their legal options. Debt can be overcome with the help of a chapter 7 bankruptcy lawyer in Greenbelt, MD. Meeting with a lawyer will allow debtors to understand their bankruptcy options so they can make an effective choice for their needs.
What Is Chapter 7 Bankruptcy?
Chapter 7 is a type of bankruptcy that is most beneficial to those who owe unsecured debts, such as credit card and medical bills. Those who are facing the loss of their home or other property would be better off choosing chapter 13. The first step in the filing is meeting with a chapter 7 bankruptcy lawyer in Greenbelt, MD.
Chapter 7 does have requirements that must be met, including having an income that is not above the state’s median income amount. After going through mean’s testing, an individual will learn if they have been approved.
If approved for chapter 7 bankruptcy, a third-party court-appointed trustee will be placed over the bankruptcy. This person is responsible for accounting for all assets owned by the applicant so some of them can be liquidated to pay off the debts owed.
What Can Individuals Expect from Bankruptcy?
It typically takes around six months or less for a chapter 7 bankruptcy to be settled. The trustee has the authority to liquidate certain types of assets and can also absolve certain debts, depending on the type. Once the debts are absolved, a person will no longer be responsible for paying them.
It is important a person does not ignore their debt or things will only get worse. Creditors will not stop pursuing a debtor until they get their payment. They can legally take a person to court and garnish their wages. The longer a person ignores the collection attempts, the more aggressive the creditors will become.
Call Today for Your Appointment
If you are dealing with too much debt, it is important you consider getting help from a chapter 7 bankruptcy lawyer in Greenbelt, MD. To learn more about your legal options, visit Law-margulies.com.