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Why You Must Not File Without Maryland Bankruptcy Lawyer

Why You Must Not File Without Maryland Bankruptcy Lawyer

So finally you have decided to declare yourselves bankrupt. Before you think of doing this all alone, think again. Bankruptcy is a complicated law. Each state has different laws. Besides, the case requires heavy paperwork. Plus, you must undergo two courses the certificates of which you need to present in the court.

Don’t forget the negotiation with creditors. You may not want to deal with them. Also, you must understand each legal proceeding, besides handling the stress and, at times, the frustration that creeps in when your case moves slowly.

That said, do we still need to tell why you must hire a Maryland bankruptcy lawyer?

Well, here’s more to it…

Certain actions can make you a fraud. For example, you may hide a few of your assets or gift an asset to a friend to avoid its forfeit. The law regards this as bankruptcy crime. It attracts hefty fine and even a sentence.

You may not know this. You may have innocently gifted your asset just to save it. However, if you have a bankruptcy lawyer by your side, he or she can warn you against taking such actions.

In case you commit this crime, even unknowingly, you must still hire a lawyer to defend you and save your case. Isn’t it better to hire a lawyer in the first place and avoid such ‘mishaps’?

Not all debts are discharged

Many people wrongly believe that declaring themselves bankrupt means they would be free of all debts. Once you decide to go bankrupt, you must look for the best Maryland bankruptcy attorneys so that you know what debts will stay and what will go.

You must not be in dark while filing for bankruptcy. Know the facts well before taking this big step.

Do you know your bankruptcy case stays in your credit record for 8-10 years, depending on the Chapter you file?

This, indeed, is a major step that you may take. It can affect your financial life deeply. It can affect your ability to take loans in the future. That’s why it is smart to discuss this with a lawyer specializing in this field before you even decide to file.

What if you can correct your finances without going bankrupt? A good Maryland bankruptcy lawyer will analyze your financial situation and advise you whether you truly must file for bankruptcy or not and, if you must, what Chapter is suitable in your case.