Bankruptcy Lawyer Prince George's County

Bankruptcy Law

For those overwhelmed by debt, declaring bankruptcy can not only appear to be the easy but also the smart way out of a financial crisis.

 

Bankruptcy Lawyer Largo Maryland

Unfortunately, not all bankruptcy declarations are created equal. To begin with, there is the declaration for personal bankruptcy (Chapter 7 or Chapter 13) versus business (Chapter 11 or the kind that Trump opted for). Some entail the selling off of properties and assets to repay creditors while in others these are considered ‘exempt’ and therefore safe. Depending on how and when it is orchestrated, a bankruptcy declaration can be a great move to rebuild and start afresh; Mismanaged, it can hurt your reputation and credit score for years even as you are forced to liquidate hard earned assets, with little or no control of the proceedings.

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Also, the law is always being amended; our legislators are always trying to prevent misuse by blocking old loopholes but in the process creating new ones. The actual bankruptcy process is unfortunately fairly lengthy and time consuming; in some ways almost as emotionally draining as the decision to file itself. At times like this, it is always a good idea to have someone knowledgeable to help navigate legal waters especially in matters of such great financial impact. At Rowena Nelson, we have helped multiple client’s file for bankruptcy using methods that help them best optimize their financial holdings even as we negotiate the most flexible terms for repayment. But most of all, we pride ourselves on the many more that we have helped avoid bankruptcy for thanks to the creative interventions of our team of bankruptcy lawyers in Maryland that include mediating with creditors and debt collectors on your behalf.
  • Chapter 7 Bankruptcy Chapter 7 Bankruptcy is the go-to bankruptcy plan for the most overwhelming debt scenarios. It is the most famous bankruptcy plan because it completely wipes out most debts and usually requires no debt repayment. It stops creditors in their tracks and gives the borrower a completely fresh start. Read More
  • Chapter 11 BankruptcyChapter 11 Bankruptcy is most often sought out by business corporations, sole proprietorships, and partnerships. This bankruptcy allows businesses to remain open while taking a step back and reassessing their debts in a way that will allow sustained operation and better management of finances. Read More
  • Chapter 13 BankruptcyChapter 13 Bankruptcy is known as a repayment plan. Chapter 13 Bankruptcy is a favorable option because it considers the individual’s debt and income and structures a plan for the debtor to reasonably pay off his or her debts either partially or in entirety. Read More