If your debt is becoming unmanageable and you do not see any possible way of getting out from underneath it, you should speak with one of our lawyers about filing for bankruptcy. To give you an idea about the processes, we have listed out the two different ways you can file for bankruptcy.
Chapter 7 Bankruptcy
This option is mainly for individuals with a lower income because you have to meet the income requirements to even file for a Chapter 7 bankruptcy. You can seek help with debt relating to credit cards and medical bills. You are also required to sell any property that you own to pay back all of your creditors.
Chapter 13 Bankruptcy
If you do not meet the income requirement for Chapter 7, you can file for Chapter 13 bankruptcy. When you file with this one, you can keep all of your property. From car payments to medical bills and credit cards, there will be a repayment plan that will help you pay back all or a piece of your debt.
You can schedule a consultation to discuss your exact situation with one of our attorneys. For additional information from a bankruptcy attorney in Rockville, MD, you can give our law firm a call at (240) 453-9191 today.