Bankruptcy is one of the toughest choices anyone can make. Filing for any chapter is a choice that could change a person’s life forever. There are several different options to consider before deciding to file, or even determining eligibility. Credit counseling is the first step in recovering from debt. Understanding how finances work is important when trying to rebuild credit or get out from under serious debt. Consolidation services often make it easy to recover from debts of over ten thousand dollars, as long as the debt isn’t too high. In some cases, refinancing is enough to get things in order. These options often solve debtor’s issues and help make it easier to recover, but not in all cases. When all else fails, it’s time to consider contacting a bankruptcy attorney in Silver Spring.
Talking to an attorney about filing for bankruptcy is especially important if all other options have failed. Creditors have the option to file for legal action if the debtor has failed to meet their obligations. If the funds simply aren’t available, the debtor will find themselves in a very tight spot. Taking action with the help of a bankruptcy attorney in Silver Spring right away is the smartest move a debtor could make. After taking the means test, attending a credit counseling course, and the initial filing, the debtor can enjoy a stay of action. This means that no legal action against the debtor is possible unless they fail to meet the requirements of the repayment plan or otherwise violate the agreement enforced by the court’s decision.
By talking to a bankruptcy attorney in Silver Spring, debtors can learn about their options for filing. There are two chapters that are most commonly used by debtors, chapter thirteen and chapter seven. Both of these types of filing have different requirements and different results. One is a discharge of the majority of debt after liquidating property and assets to recover as much as possible, the other is basic repayment plan with court-enforced conditions. Debtors can visit Law-margulies.com for more information about their options or to schedule a consultation with their local attorney.
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