If you are married and considering bankruptcy, there are a few things you must consider.
Should you file separately or jointly?
In the former case, only one of the spouse files for bankruptcy.
A decision in this regard is vital because it will reflect how much of your debt is discharged and how much of your property is retained.
Filing separately makes sense if one of you has the major portion of debt and you have not acquired valuable property after getting married.
On the other hand, filing jointly is a better option if your state’s exemption laws have provisions to allow spouses to double their exemptions.
In this regard, your personal bankruptcy attorney in Maryland will update you on the particulars of the property you can be exempted from or safeguard from creditors when you file for bankruptcy.
In any case, hiring a bankruptcy attorney is important.
This is because a good bankruptcy attorney will suggest the best time to file for bankruptcy.
According to a bankruptcy lawyer, “It can make sense to delay your petition because await can help you keep more finances and increase your chances for qualifying for chapter 7”.
Another reason why you need a bankruptcy attorney is to know what will happen to your car in the event of a Chapter 7 bankruptcy.
After all, you need your car to go to your office and for sundry work.
The lawyer will explain to you how the car loan amount affects bankruptcy and if there are any available exemptions you can apply for.
If you are in financial distress, it is never easy going.
Mounting debts, looming foreclosure, and irritating phone calls from creditors can give you sleepless nights.
bankruptcy attorney in Maryland can assist you in moving from your current tight spot to towards sunny days free from debt.
The attorney may offer you free consultation. Such interaction will enable you to know where you stand and what options you have to move forward.
Do not be under the misconception that hiring a lawyer is a pricey option.
The truth is filing for bankruptcy is a complicated process. You may lose your assets if you commit mistakes while filing on your own.
Choose the right bankruptcy lawyer. Let him/ her do the work for you.
Keep in mind that after you zero in on a lawyer, he or she will present you with a retainer agreement.
A typical retainer agreement can include:
- Initial retainer fee
- Billing rates
- Additional costs, if any
- Billing frequency
You must understand that a retainer agreement benefits not just the attorney but the client as well.
As a client you will get an idea what your anticipatory budget for legal fees is. This is important because as a person in financial difficulty you must know in advance how much you are likely to spend as lawyer fees.
At the end of the day, you will realize it is worth hiring a bankruptcy lawyer.
Navigating through an intricate decision-making process, back-breaking paperwork, and endless procedures for bankruptcy filing does need experienced counsel.