Bankruptcy Lawyer Prince George's County

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For those overwhelmed by debt, declaring bankruptcy can sometimes be the smartest way out of a financial crisis.

Bankruptcy Lawyer Largo Maryland

Before filing for bankruptcy in Northern Virginia, it is important to understand that not all bankruptcy declarations are created equal. There is the declaration for personal bankruptcy (Chapter 7 or Chapter 13) versus business (Chapter 11). 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; However, if 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.

It is also important to remember that law is always being amended; our legislators are always trying to prevent misuse by blocking old loopholes but in the process creating new ones. This makes the actual bankruptcy process unfortunately 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, the leading bankruptcy law firm Northern Virginia, 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 Northern Virginia that include mediating with creditors and debt collectors on your behalf.

Chapter 11 Bankruptcy is most often sought by business corporations, sole proprietorships, and partnerships though it can also, in some cases, be sought by individuals who are not business owners. The Chapter 11 Bankruptcy allows the debtor to retain control of the business and reorganize the debts in a manner that allow the business to continue functioning. If you are a business owner or individual in Northern Virginia, facing financial distress, you can get over the situation by opting to file for Chapter 11 bankruptcy.

As the premier Chapter 11 attorney Maryland, we can provide you with all the legal support you need to deal with your precarious financial situation and overcome it in a planned manner. Call us if you are looking or a bankruptcy law firm Northern Virginia with many years of experience in handling similar cases. As the leading Maryland Chapter 11 Bankruptcy Lawyer, we can make sure that you tide over your current financial crisis with minimal loss of your assets and reputation.

  • 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

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