Benefits of Hiring Bankruptcy Law Firm Maryland
Trying to comprehend the intricacies of filing for bankruptcy can be a daunting task for average individuals. The rules, guidelines and legal regulations amount to a huge bulk of information that can be overwhelming and difficult to understand without the help of a legal expert. However, with the right guidance and knowledge from a reputed bankruptcy law firm Maryland, you will have a clear idea of the processes involved, the risks to your financial future, the entire cost of the proceedings and most importantly, if bankruptcy is the right solution for your situation.
Bankruptcy options for individuals
Chapter 7 and Chapter 13 are the two types of bankruptcies available for individuals. Before filing for bankruptcy, it is important to consult a Prince George's County Bankruptcy attorney to understand how both these chapters vary and how the chapters can affect your financial future. Chapter 7 is also called liquidation in which all or some of your debts will be liquidated. And Chapter 13 is known as reorganization in which all your individual debts will be consolidated and a new payment plan created to repay your creditors in three to five years.
Exemptions in bankruptcy
Debtors usually wonder about the assets and property they are allowed to keep in the event of filing for bankruptcy. If you have lived in Maryland for over two years you will be eligible for exemption of certain assets and property. While individuals are allowed to maintain assets worth $12,000, the value set for married couples is $24,000. However, additional exemptions may be possible depending on your particular situation and financial status.
Online resources such as the websites of the District of Maryland United States Bankruptcy Court and the Maryland State Bar Association offer valuable information to help you with the bankruptcy process. However, the best way to ensure a favorable result that protects your interests is to team up with a bankruptcy law firm Maryland at http://www.rnnlawmd.com/.
Bankruptcy options for individuals
Chapter 7 and Chapter 13 are the two types of bankruptcies available for individuals. Before filing for bankruptcy, it is important to consult a Prince George's County Bankruptcy attorney to understand how both these chapters vary and how the chapters can affect your financial future. Chapter 7 is also called liquidation in which all or some of your debts will be liquidated. And Chapter 13 is known as reorganization in which all your individual debts will be consolidated and a new payment plan created to repay your creditors in three to five years.
Exemptions in bankruptcy
Debtors usually wonder about the assets and property they are allowed to keep in the event of filing for bankruptcy. If you have lived in Maryland for over two years you will be eligible for exemption of certain assets and property. While individuals are allowed to maintain assets worth $12,000, the value set for married couples is $24,000. However, additional exemptions may be possible depending on your particular situation and financial status.
Online resources such as the websites of the District of Maryland United States Bankruptcy Court and the Maryland State Bar Association offer valuable information to help you with the bankruptcy process. However, the best way to ensure a favorable result that protects your interests is to team up with a bankruptcy law firm Maryland at http://www.rnnlawmd.com/.
