Bankruptcy Law Firm in Maryland – Helping You File for Bankruptcy

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Bankruptcy Law Firm in Maryland Helping You
File for Bankruptcy
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• Your finances can take a hit due to circumstances
  beyond your control. No matter how careful you
  have been with your money, there might be
  circumstances or situations where it becomes
  necessary to file for bankruptcy. You might take
  this step to prevent your possessions been taken
  over by creditors or simply put a stop to
  communications from accredited.
• However, for the layman, filing for bankruptcy is
  not always an easy process. There are certain
  qualifications that you must meet before you can
  expect your claim under the bankruptcy laws to be
  accepted. There are also certain requirements
  that you must meet. To understand all the details
  related to filing for bankruptcy you would need
  the help of bankruptcy law firm in Maryland.

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• A bankruptcy law firm in Maryland will help you
  understand where you stand, in the eyes of the
  law, and how much leniency you can expect when it
  comes to the debt situation. First of all, the
  bankruptcy law for Maryland will help you figure
  out if you qualify for filing for bankruptcy.
  Some of the things they would explain to you are
  detailed below.

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Chapter 7 vs chapter 13

• There are basically three types of rules under
  which you get to file for bankruptcy. Individuals
  generally use chapter 7 or Chapter 11 while
  businesses use chapter 13. Note that this is not
  a hard and fast rule and depending on your
  financial situation, you would need to file for
  bankruptcy under a separate or a different
  category. Your lawyer will explain to you the
  pros and cons of each type of rule and things
  such as exemptions.

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Doing the paperwork

• Paperwork is one of the most tedious things when
  you want to file for bankruptcy. For many people
  understanding paperwork is a difficult process,
  particularly when they are already under a lot of
  stress owing to their financial situation and
  calls from creditors. Also, by filing incorrect
  paperwork, your application might not be
  considered at all. Or, you might be penalized for
  not having disclosed everything that is required
  about your financial situation and the debt
  burden.

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• This is why it is a good idea to work with an
  experienced attorney who can help you file the
  paperwork correctly, because this is the first
  step towards getting a favorable hearing.

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Getting the details on your financial situation

• This is where you will have to closely co-operate
  with your attorney. You will need to gather proof
  of your income, assets, and other financial
  dealings. You would also need to provide details
  regarding your debts. Your lawyer will explain to
  you the type of documents that might be needed
  for filing for bankruptcy.

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Chapter 13 bankruptcy

• If you are filing for bankruptcy under chapter 13
  of the bankruptcy code you might be required to
  also offer a plan for clearing your debts. When
  filing for bankruptcy, you will want to have a
  plan ready that is well thought out and viable.
  This is where you will need to work with
  bankruptcy attorney well versed in state laws
  regarding chapter 13. You would need to figure
  out your expenses, and what you can afford to
  repay, when it comes to your debts. Also, if you
  have more than one creditor, you might have to
  think about how to repay all of them or how much
  to repay each creditor. Note that many
  liabilities are not exempt. Therefore you might
  be required to clear these dues, which will
  include things such as maintenance for family,
  and old taxes.

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• You would also have to ensure that the dates are
  cleared according to the plan. This might include
  monthly payments that go towards the clearing of
  a debt, through the settled plan. For getting a
  favorable hearing, and clearing debts in a timely
  manner, you would need to turn to competent
  bankruptcy lawyers in Maryland.

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Law Office Of Rowena N.Nelson,LLC 1801 McCormick
Drive Suite 150 Largo Maryland, 20774 Office -
301.358.3271 Fax - 877.728.7744