Filing for bankruptcy may help you salvage the existing financial crisis you may be facing, but it is far from easy. When you feel that bankruptcy filing is the best possible solution under the circumstances, you can exercise the right to file it on your own. But this move may not be a wise one because bankruptcy has many facets to it and professional expertise may be worth paying for. This is why you need to look for an affordable bankruptcy lawyer MD, if you happen to be a Maryland resident.
A good lawyer can advise you correctly on the chapter of bankruptcy that is best suited for you. Taking professional legal counsel is a better idea, because filing in the absence of an attorney may force you to pay up much more in the end. Perhaps the biggest benefit is that an experienced and affordable bankruptcy attorney in Maryland would be able to detect all potential roadblocks in the process and will make a plan to tackle these in advance.
- A good attorney is the safest bet because he alone can suggest any possible alternative to bankruptcy. This is important because while you may feel bankruptcy is the only solution ahead of you, the lawyer may be able to come up with some better options.
- An experienced capable attorney will also know which bankruptcy chapter to file your case under. Chapter 13 and Chapter 7 are meant for different kinds of bankruptcy situations and they serve different uses. For instance, while Chapter 7 can eliminate substantial debts in short time, it cannot help you salvage your house when you have not made your payments on time.
- Since every state has a distinct exemption system, you will need a lawyer who knows how to employ exemption rules to guarantee maximum protection for your assets. The attorney will also tell you which debts can be discharged, and under what conditions, and which will not.
- Without legal counsel it is rather difficult to handle the complete paperwork. Financial data filing is not an easy task because there is an overwhelming amount of data regarding your expense, income, assets and debts. Only a capable bankruptcy lawyer will know how much money should be disclosed, how assets are to be valued, and which expenses are necessary and reasonable, which tax returns you must apply for etc.
- Your bankruptcy attorney is your guide throughout the process; explaining to you about the case in details and keeping you updated on what you should be prepared for.
- Only an experienced lawyer can guaranteed a comprehensive and accurate testimony. Every data provided to the court must be correct; else you will be severely penalized.
- Finally, the lawyer is going to handle creditors that can violate the automatic stay, during which creditors are not legally permitted to harass the debtor for paying up his debts.