It is a known fact that banks and other lending institutions were given a government bail out. Therefore, it is not a bad thing if the consumers should also get a bailout of sorts. This bail out is called bankruptcy. There is a law firm that does Consumer Bankruptcy Greenbelt, Maryland. There are a few types of bankruptcies available. The law firm wants to talk to you about three of them.
The three bankruptcy types in question are chapter 7, chapter 11, and chapter 13. Bankruptcy occurs when the debtor is unable to pay his or debts, when he or she has gotten so overwhelmed as to be in default status. Depending on the severity of the financial situation, one of the three filing bankruptcies are offered. Bankruptcy is seen as a last resort and will have to be granted by the state or federal courts, depending on the situation. Although, it will negatively affect your credit, by the time you have gotten into this situation of needing bankruptcy, your credit is pretty much gone anyway.
Chapter 7 bankruptcy accounts for about 70% of bankruptcy cases in the U.S. All of your debts are canceled, and you get to keep (exempt) property. The other assets are sold to try to pay off as many of the debts as possible. You basically get a fresh start. The chapter 11 bankruptcy is used primarily by businesses to help them reorganize their debts. The companies are allowed to pay off the debts over a period of time without having to cease doing business. The Chapter 13 bankruptcy is similar in that it allows you to pay off some of your debts and have the others forgiven.
Laura Margulies & Associates LLC is a law firm who helps clients get debt relief all over Maryland and Washington, D.C. The law firm helps the clients decide which bankruptcy is for them, and if they qualify for it at all. With the filing of bankruptcy, instant relief will come in ceasing creditors from calling, possibly losing your home and/or vehicle, and giving you a financial base from which to start. If you wish to know more about this law firm who does Consumer Bankruptcy Greenbelt, MD and the surrounding areas, visit their website, Law-margulies.com.