Say Goodbye to Debt!
Are your shoulders weighed down by escalating debts while the challenge of meeting expenses feels insurmountable? If financial stress overwhelms you, remember that there’s a lifeline at your disposal – the opportunity to eliminate your debt problems through bankruptcy. Centered in Rockville, MD, Kurland Law Group offers help through legal experience, extending their assistance to guide you through the intricate landscape of bankruptcy. Contact us today for a consultation!
Understanding Bankruptcy Basics
Bankruptcy isn’t indicative of defeat; instead, it’s a lawful instrument crafted to allow individuals and businesses to reclaim their financial stability. It extends respite from overbearing debts and paves the way for a fresh beginning. Within the realm of bankruptcy, diverse categories exist, such as Chapter 7 and Chapter 13, each presenting specific requirements and advantages. The primary objective remains to alter or eradicate debts, granting individuals the chance to reassert command over fiscal matters and regain a solid financial foundation.
How Chapters 7 and 13 of Bankruptcy Work
When engulfed in debt, eradicating it could appear impossible. However, this objective becomes an attainable reality armed with proper legal counsel. Chapter 7 and Chapter 13 each have their own requirements and qualifications to consider. At Kurland Law Group, our adept attorney will analyze your earnings, assets, debts, and expenditures to discern the bankruptcy chapter best aligned with your situation.
- Chapter 7 Bankruptcy: Also known as “liquidation bankruptcy,” Chapter 7 entails liquidating non-exempt assets for creditor repayment, yet numerous assets receive protection under state statutes. This procedure generally spans a few months, culminating in the discharge of most outstanding unsecured debts. Throughout Chapter 7 proceedings, the court-appointed trustee assesses your assets and, if applicable, redistributes the proceeds to creditors by the established priority order. However, it’s important to note that various state and federal exemptions shield certain assets from liquidation, facilitating a more equitable financial resolution.
- Chapter 13 Bankruptcy: Commonly labeled “reorganization bankruptcy,” Chapter 13 centers on crafting a feasible repayment strategy spanning three to five years. This approach permits the retention of your assets as you incrementally settle your debts. Upon completion of the repayment period, any remaining eligible debts are forgiven. In essence, Chapter 13 empowers individuals with a structured opportunity to recalibrate their financial obligations while safeguarding their valued assets.
Does Chapter 7 and 13 Bankruptcy Cover All Types of Debts?
Chapter 7 and Chapter 13 provides a route to alleviate financial strain for individuals grappling with debt. We will thoroughly explain the facets that extend beyond the scope of Chapter 7 and Chapter 13 bankruptcy proceedings.
- Non-Dischargeable Debts: Instances encompass debts such as child support and alimony payments, specific tax obligations, most student loans (with limited exceptions), and debts originating from fraudulent conduct or deliberate harm.
- Secured Debts and Assets: If you possess secured debts like mortgages or car loans, you must decide between waiving the asset or maintaining payments. Conversely, Chapter 13 allows you to retain your assets; however, it necessitates adherence to a comprehensive repayment plan to secured and unsecured debts.
- Luxury Debts and Recent Purchases: If substantial luxury expenses or cash withdrawals occurred within 90 days before filing, creditors could contest the discharge viability of these debts.
- Criminal Restitution and Fines: Debts arising from illegal actions, fines and orders of restitution typically cannot be discharged. Bankruptcy does not have the power to exempt individuals from these lawful responsibilities.
- Co-Signed or Joint Debts: In situations where you share co-signed or joint debts, the bankruptcy of one party does not release the other party from their obligations. Creditors retain the right to seek repayment from the non-bankrupt party.
- Debts Arising from Fraud or Willful Acts: Debts stemming from deceitful actions, such as deliberate harm or deceiving creditors, are less likely to be forgiven. Bankruptcy regulations are formulated to hinder individuals from exploiting bankruptcy to evade accountability for their own misconduct.
- Post-Bankruptcy Debts: Although bankruptcy erases existing debts, any obligations acquired post-bankruptcy filing remain beyond the scope of the discharge. It’s imperative to exercise prudent financial management after bankruptcy, preventing a recurrence of the debt cycle.
- Credit Score Impact: Even as bankruptcy offers a new beginning, its influence on your credit score is noteworthy. Its presence on your credit report persists for years, influencing your capacity to secure credit or loans in favorable conditions.
Why You Need an Experienced Bankruptcy Attorney
Dealing with bankruptcy without guidance can result in costly errors, possible asset forfeiture, and even dismissal of your bankruptcy petition.
Our lawyers at Kurland Law Group possess a deep comprehension within Mississippi’s bankruptcy legislation. Our attorneys have the skills to help eliminate your debt problems through bankruptcy:
- Accurate Assessment: We will evaluate your distinct financial case, guaranteeing the inclusion and appropriate handling of all eligible debts.
- Paperwork and Documentation: Our lawyer will assist you in accurately compiling and submitting the requisite paperwork within designated timeframes.
- Legal Protection: Our attorney will protect your rights and advocate for your concerns, guaranteeing equitable treatment.
- Negotiation and Mediation: We can aid you in attaining a feasible repayment scheme aligned with your financial capabilities.
- Guidance Through Complexities: Bankruptcy could present unforeseen obstacles. With a legal professional, you’ll possess an informed advocate to lead you through any impediments that surface.
How Our Experienced Attorneys Can Assist With Your Debt Problems
Amidst the burden of extensive debt and financial uncertainty, there is an opportunity to eliminate your debt problems through bankruptcy. However, establishing this journey with adequate legal support can result in setbacks and exasperation. This is where the services of Kurland Law Group shine – extending beyond mere legal aid to offer support as you tread the path toward financial recovery. With our experienced attorneys by your side, you can confidently navigate the complexities of bankruptcy, knowing that a fresh financial start is within reach. Contact us at Kurland Law Group in Rockville, MD, and take the first step towards a debt-free future. We also offer a free phone consultation or case evaluation for other services, such as loan modification, short sale concerns, and asset protection matters.
