Debt can be extremely difficult to deal with, no matter the reasons for it. If you feel like you are drowning in debt, there is help available. Though it should not be considered as a first option, bankruptcy is a viable solution for many who are overcome with too much debt. By hiring a Chapter 7 Bankruptcy Attorney in Silver Spring MD, you can learn more about your options and make the right decision on whether or not chapter 7 bankruptcy will help your financial situation.
When you hire a Chapter 7 Bankruptcy Attorney in Silver Spring MD, you will first need to meet with them and go over your debts, the income you have coming in and your assets. This bankruptcy option allows you to keep your residential home. You are also allowed to keep your furniture, clothing and car. Any other assets you own must be submitted to the court, so they can be liquidated. The liquidation process is overseen by a court-ordered trustee. The trustee oversees the liquidation process and is responsible for making sure your creditors get paid as much money as possible.
Most people are able to take care of all of the debts they owe within a six month period. This will depend on how the liquidation process goes and how much debt you owe. Your trustee will work with your creditors to make sure they get paid. The trustee also holds the power to be able to absolve some of your debts or a portion of them. Your Chapter 7 Bankruptcy Attorney in Silver Spring MD will work with the trustee, while making sure your rights are fully protected throughout the process.
If you feel you are drowning in debt and have tried all you can to overcome it, you may want to consider your options for filing for bankruptcy. The law gives you the right to file for bankruptcy when you are not able to pay off your debts. For more information on bankruptcy options, visit website They will be glad to consult with you and help you make the right decisions, so you can successfully overcome your excess debt and secure a brighter financial future.
