There are many services available today that makes it easy to do your own legal work. You can go on certain websites and simply download the forms that are needed to do your own filing. This process works for less complex legal situations. However, with more pressing matters such as a bankruptcy, it is necessary to use the services of an attorney.
Going through a bankruptcy is never pleasant and if you are considering filing bankruptcy, chances are that you have been struggling financially for quite a while. Bankruptcy is usually the last resort for most people. By this time, you are feeling financially defeated and emotionally spent. Filing for bankruptcy can be very emotional and with the help of Silver Spring Bankruptcy Attorneys, you can get some clarity in the situation. There are many different things that have to be considered when taking the steps to file and in order for things to run smoothly, you need the help of a professional that has done this before.
Filing bankruptcy is not the end of the world. There are two different types of bankruptcies that you can file. One is called Chapter 13 and the Other is Chapter 7. The Chapter 13 bankruptcy is also known as a reorganization plan. This type of filing allows you to pay back your creditors through a manageable repayment plan. This type is ideal for those that have a high amount of assets because it does not require you to liquidate everything. This repayment plan can last for up to 60 monthly installments.
The Chapter 7 plan is one that liquidates your assets and wipes all of your debt. There are exemptions to the assets that you are allowed to keep such as your home and your vehicle. These exemptions only protects assets up to a certain amount. This type is best for those who do not have many assets.
As you can see, there are many different rules to filing bankruptcy that may seem hard to figure out yourself. This is where the Silver Spring Bankruptcy Attorneys come in. They can assess your situation and advise you on the best course of action.
