Bankruptcy Lawyer in Greenbelt, MD: Everything You Need to Know
If you are considering filing for bankruptcy, it is important to seek legal counsel from a qualified bankruptcy lawyer in Greenbelt, MD. At the law office of The Phillips Law Offices, we have experienced attorneys who can help you understand your rights and options under the bankruptcy code. We offer a free consultation to discuss your case and determine the best course of action for you in Greenbelt.
What is bankruptcy, and what are the different types of bankruptcies available to individuals or businesses?
Bankruptcy is a legal process that helps individuals or businesses eliminate or repay debts. There are several types of bankruptcies, including Chapter 13 and Chapter 11. Chapter 13 bankruptcy allows individuals to reorganize their debt and repay it over time. This type of bankruptcy is often used by people who have a regular income but are struggling to pay their debts. Chapter 11 Bankruptcy Law Firm Greenbelt is typically used by businesses that need to restructure their debt to stay afloat.
How do you know if bankruptcy is the right option?
A few key indicators can help you decide whether or not to file for bankruptcy. First, consider your debt-to-income ratio. This is the amount of money you owe each month compared to the amount you bring in. If your debts are significantly higher than your income, it may be time to consider Bankruptcy Lawyer Greenbelt. Another factor to look at is your asset situation. Finally, think about your ability to make payments on your debts.
What are the consequences of filing for bankruptcy?
Filing for bankruptcy can have many consequences, both positive and negative. One of the most immediate effects is that it will give you some breathing room from your creditors. Once you file for bankruptcy, an automatic stay goes into effect, which means that your creditors are legally prohibited from trying to collect on your debts Greenbelt Bankruptcy Attorney. This can give you much-needed relief from debt collectors and allow you to focus on getting your finances back on track.
How long does the process take, and what is required of the filer?
The process of filing for bankruptcy can take several months and requires the filer from the Bankruptcy Law Firm Greenbelt to complete several tasks, including:
- Completing a credit counseling course
- Filing a petition with the bankruptcy court
- Filing financial documents with the court
- Attending a meeting of creditors
- completing a debtor education course.
After the bankruptcy is filed, the filer must make regular payments to the trustee assigned to their case.
The Phillips Law Offices
6301 Ivy Ln #700, Greenbelt, MD 20770