You could be among the thousands struggling financially due to Covid-19. Interestingly, bankruptcy can help you in this case. Before you think of filing for bankruptcy, you need answers to the following questions: • Will all my debt get wiped off? • Will I be able to retain my key property? • Which bankruptcy chapter is suitable for me? ...
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Covid-19 Pandemic & Its Impact on Businesses Companies large and small are falling prey to the impact of Covid-19. Market experts are estimating that this year will easily set a record for the number of filing for bankruptcies. Even a semblance of a turnaround is unlikely to change the picture. What about individuals? If individuals face dire financial issues, bankruptcy is an excellent chance to press the rest button. For many senior Americans, bankruptcy does bring much-needed relief from debt brought by various factors including medical expenses and the need to help children. A lawyer specializing in chapter 7 bankruptcy in Maryland says, “Bankruptcy is a...
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Chapter 11 usually makes big news when large companies fall into financial difficulty. It is a form of bankruptcy that involves the restructuring of the debtor company’s business affairs. In a nutshell, Chapter 11 offers the debtor a fresh start. It begins with the filing of a petition in the bankruptcy court. Typically, this version of bankruptcy is voluntary. In such a scenario, the debtor takes the lead and seeks bankruptcy relief. It is also possible that creditors or lenders may group together to file an involuntary petition against the defaulting company. Here is how Chapter 11 operates The court will help the...
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Individuals burdened by debt find that filing for bankruptcy is a great solution to start life all over again. Most people experience a sigh of relief when their bankruptcy case is over. But you must also remember that those who underwent the entire process traversed a daunting route. “It was not cakewalk,” says a pharmacist. “I had to hire an affordable bankruptcy lawyer in MD. It was not easy to understand the facts of my case or to get any clue whether bankruptcy litigation was involved”. Hiring an attorney makes sense because you stand to get sound legal advice. The lawyer will tell you: • ...
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The failure to repay loans can lead to a number of complications such as foreclosure, mortgages, attachment of properties, and so forth. Fortunately, there are several ways to get out of the debit trap as per the provisions of federal and local state laws. Understanding bankruptcy declaration Filing for bankruptcy is one of the most logical ways to manage a financial crisis in personal or professional life. Professionals can approach an appropriate legal resource to file for personal bankruptcy chapter 11 in MD in order to retain the ownership of assets. Similarly, one needs to pursue Chapter 13 bankruptcy to avoid...
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