Anytime a person is such a financial state that he or she must face bankruptcy usually ends up being an embarrassing and overwhelming situation. Yet, thousands of families end up in bankruptcy courts all over the United States in one form or another. Bankruptcy is actually not the end of the road. It can be the beginning of a climb back up the ladder of success, depending upon how the individuals involved handle it. A bankruptcy lawyer in Baltimore, MD understands the plight of bankruptcy and assures you of successful outcome. However, action must be taken immediately. There are generally two types of bankruptcies most individuals will face.
People going through bankruptcy will usually either file Chapter 7 or Chapter 13. The first is usually a complete wipe out of all debts, virtually. The second type is a reorganization plan of all the debt. Fortunately, for the consumer, a decade ago Congress remodeled the way the bankruptcy process works. That is not necessarily an easy process to go through. It is best to take advantage of the services of an experienced bankruptcy attorney to navigate through these changes. Meanwhile, a look at the two will determine which will be the better type for a given situation.
Bankruptcy cases cannot be handled by state courts. They must be filed in federal courts. Any debtor wanting to file bankruptcy must do so after receiving credit counseling. In order to qualify for the Chapter 7 version of bankruptcy, the federal government will determine that base on the median income of the debtor. The debtor will file the petition, along with a lists of assets and liabilities, a brief of income and outgoing expenses, the financial state of affairs, and other items such as leases still in effect.
Chapter 13 bankruptcy must also follow the same procedures for the filing of schedules and briefs of all financial matters. The law offices of Frank E. Turney has been heloing clients with bankruptcies in Baltimore, Maryland and other areas throughout Maryland for over 23 years.
