Sometimes, the only way to eliminate a serious financial problem is to file a Chapter 7 bankruptcy case. Chapter 7 bankruptcy may be the best option for eliminating your credit card debt and other consumer loans so that you can experience debt relief. Most important, it may also help you keep the house and car that your family needs.
At the Kurland Law Group, firm founder and Rockville Chapter 7 bankruptcy attorney Sari Kurland has helped thousands of individuals, families, and businesses in Maryland successfully eliminate their debt with Chapter 7 bankruptcy. With more than 20 years of experience, the firm’s attorneys thrive on being part of the total relief and transformation that takes place for clients.
If you are like most people, you have probably been worrying about your credit card bills, car payment, and mortgage for several months before finally deciding to look for the right lawyer to help you. Perhaps you are like millions of Americans who once had a stable job and bright financial future, only to see your dreams disappear with a layoff notice. Whatever brought you to this point of frustration, you are taking the first step in doing something about it.
If you’re unable to pay back any outstanding debts to creditors, you may opt to file bankruptcy as the last resort to solve debt problems. Filing bankruptcy will allow you to reorganize your finances, pursue debt settlement, and pay off a creditor. A credible Maryland Chapter 7 bankruptcy lawyer can help you understand how the bankruptcy process works.
Contact Kurland Law Group today and start sleeping better tonight.
Facing financial issues in Maryland?
Chapter 7 bankruptcy is considered the fastest and most common type of bankruptcy. It allows liquidation of assets to pay creditors. Chapter 7 bankruptcy is a process where you can immediately stop creditor actions, such as wage garnishment and repossessions, and obtain a fresh start by eliminating consumer debt. Once you file for bankruptcy, the automatic stay immediately goes into effect. The automatic stay prohibits most creditors from continuing with collection activities.
Take note that some kinds of debt cannot be discharged, such as student loans, child support obligations, and recent IRS debt.
Depending on the complexity of your debts, you could get a fresh financial start in as little as three months. Imagine! You could stop the harassing collections calls immediately and get a fresh financial future in just 90 days. It all starts with a complete analysis of your financial situation with the help of a skilled Maryland bankruptcy attorney.
Chapter 7 bankruptcy doesn’t necessarily work for everyone. Before filing for bankruptcy, it is important to know how to choose the best type of bankruptcy chapter that will help you solve your financial problems. A knowledgeable bankruptcy attorney in Maryland can help you determine whether you are qualified to file for Chapter 7 bankruptcy.
You are only eligible to file for Chapter 7 bankruptcy if you pass the means test. The “means test” verifies if someone has the “means” to pay their debts. It is designed to keep high-income debtors from filing bankruptcy Chapter 7. The main goal of the means test is to require those high-earning debtors to pay back their debts by filing Chapter 13, instead of granting them a bankruptcy discharge under Chapter 7.
The means test helps determine the amount of your disposable income by deducting certain monthly expenses from your current monthly income (average income for the past six months before filing for bankruptcy). If you do not earn more than the median income of the state, you can file for Chapter 7 bankruptcy.
Filing bankruptcy can be financially, physically, and emotionally draining. A qualified Rockville Chapter 7 bankruptcy lawyer can guide you throughout the bankruptcy process. Here are the steps in filing bankruptcy:
Debtors who file for bankruptcy must complete a course before filing for bankruptcy. You are required to take credit counseling sessions from an approved credit counseling agency. It is advisable to complete the sessions within 180 days of filing.
Filing your bankruptcy forms and paying the filing fee officially starts your case. When you fill out your paperwork, you have to ensure that you declare your finances in detail including your bank account records, credit card bills, living expenses, monthly income, assets, liabilities, debts, and all financial records.
After filing the bankruptcy petition, all documents will be sent to the bankruptcy trustee who will verify your forms including recent bank statements, tax returns, paychecks, and business documents. You’ll need to turn over the documents to prove the accuracy of the information provided in your bankruptcy forms.
You have to attend the meeting of creditors with the bankruptcy trustee. During the meeting, you need to answer the questions relevant to your bankruptcy petition and current financial situation. The appointed bankruptcy trustee will check your identification and ask standard questions required to all debtors.
After filing your paperwork, you need to complete a debt management course within 60 days from the date of the creditor’s meeting. This is a mandatory course to be completed before receiving a bankruptcy discharge. If you fail to finish the course on time, the bankruptcy court will close your case without a discharge.
At the end of a successful bankruptcy case, the court will issue an order to discharge your qualifying debts. The case will be discharged and eligible debts are forgiven. Bankruptcy discharge may be granted within three to six months after filing your petition. Once your debts are discharged, you no longer have a legal obligation to repay them, and the creditor has no right to collect them.
There are a lot of myths about what your life will be like after bankruptcy. Unfortunately, most people believe what the credit card industry tells them. Did you know, though, that there are strategies for rebuilding your credit immediately? When you meet with a seasoned bankruptcy attorney from Kurland Law Group, you will receive some facts and ideas about how to improve your life after bankruptcy.
Bankruptcy allows you to repay your debts and aim for a debt-free life. However, it has a huge impact on your credit score. This number determines the level of your creditworthiness. Chapter 7 bankruptcy generally stays on your credit history for a full ten years. Declaring bankruptcy can indeed hurt your credit score; however, its effect will gradually fade with time.
Rebuilding credit doesn’t happen overnight. It requires a lot of hard work and patience to improve your credit score. It takes time to re-establish a good payment history, pay off your outstanding debts and let negative information cycle off your credit report. The length of your credit rebuilding process will depend on the severity of the negative history that drags down your credit score. A competent bankruptcy lawyer in Rockville can help you choose the best credit repair strategies that will fix your credit and get a good credit score after your bankruptcy discharge.
Filing for bankruptcy can be a confusing and stressful process. Debt repayment and reorganization of your finances shall be your priority. You must be familiar with the bankruptcy laws implemented in your state to avoid unnecessary errors and penalties in your bankruptcy filing.
If you’re facing bankruptcy, it is advisable to consult our experienced Maryland Chapter 7 bankruptcy lawyers at Kurland Law Group. Our bankruptcy law firm will help you understand the bankruptcy process, answer your questions, help you keep the property you want, and walk you through the paperwork. We provide exceptional service, taking the hard work out of bankruptcy for you.
Stop worrying about your debt and start acting to do something positive for yourself. Call (301) 424-2834 or contact Kurland Law Group by email to discuss your circumstances. The firm provides debt relief solutions for people in Montgomery County and the surrounding areas.
Kurland Law Group is a debt relief agency. The firm helps people file for bankruptcy relief under the Bankruptcy Code.
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