How an Affordable Bankruptcy Lawyer in MD Helps in Financial Crisis?
A majority of the population across the globe is facing financial hardships due to the Coronavirus outbreak. Lawyers are observing an overwhelming number of bankruptcy filings. Thinking of declaring yourselves as bankrupt? Not so soon. It’s wise to first consult a lawyer.
Bankruptcy may not be the right option for everybody. Moreover, bankruptcy features different chapters. An affordable bankruptcy lawyer in MD can help you decide what chapter is right for you.
Commercial bankruptcy lawyers
Commercial bankruptcy lawyers are for businesses. If your business is going through a downfall and you wish to be free from the harassing creditors, you can contact such a lawyer. He/she will not only help you weigh your options to protect your business but also help you deal with your pending loan payments. You can get time to reorganize your business without having to shut it down forever.
Small businesses can file for bankruptcy in MD under Chapter 7 and 11.
Consumer bankruptcy lawyers
Consumer bankruptcy lawyers safeguard individuals who are facing a financial crisis. They help them clear their debts, deal with creditors, and chart out fresh payment plans.
Individuals can file for bankruptcy under Chapter 7 and 13.
Signs you need to declare bankruptcy
• You are unable to pay bills on a regular basis
• You don’t know what to do of the piling debt
• You have bounced checks
• You have no cash flow
• You are getting regular calls from debt collectors and creditors
• You need somebody to represent you in court
Chapter 7 or Chapter 11 or Chapter 13?
If you wish to shut down your business, you can file under Chapter 7 and become free of debts.
If you wish to continue with your business but need help and time to repay debt, you can file under Chapter 11 bankruptcy. It gives you a chance to restructure your debts and continue doing your business so that you can repay them later. Creditors won’t harass you during this time.
Individuals can use Chapter 7 to file for bankruptcy if they are unable to repay their debts. You get a chance to start afresh in financial matters in exchange for a few of your personal assets.
If you need some more time to repay your debts, you can contact an affordable bankruptcy lawyer in MD and file under Chapter 13. Your lawyer will negotiate with your creditors and chart out a new payment plan, which is conducive to your current financial situation.
The Benefit of hiring a bankruptcy lawyer
One of the biggest benefits is that you, no longer, need to deal with your creditors. Your lawyer takes care of this. He/she negotiates with them. Your creditors will stop hounding you for debt repayment. This is such a relief!
Now, you can sit in peace and reorganize your debts.
So, another benefit is that you are, no longer, in constant stress. You now have legal aid. This gives you an opportunity to safeguard your rights and restart your financial life with dignity.
An affordable bankruptcy lawyer MD can guide you in each step of filing for bankruptcy and proceeding with your case until your debts are discharged.