Bankruptcy is a tough decision, but it can help you get a new start in your financial life. If you’re considering filing for bankruptcy, talk to a Rockville bankruptcy attorney about your options.
Being in over your head financially is a tough pill to swallow. Whether it’s because of personal finances or your business, filing for bankruptcy is something no one wants to do if they can help it. When bankruptcy is your only option, though, it can improve your life if you go about it in the right way.
When you’re getting calls from creditors and your debt is getting worse, contact a Rockville bankruptcy lawyer who can help you decide what your next steps should be. At Rowdy G. Williams Law Firm, we understand how difficult these decisions can be, so we’re ready to help you decide what bankruptcy plan is best for you.
Types of Bankruptcy
Whether you’re filing for bankruptcy for yourself or your business, there are three major options you can expect to see: chapters 7, 11, and 13. Each plan has its merits, so you may need a lawyer’s help to review your unique situation and how quickly you’ll need to handle your debt.
Chapter 7 is the most extreme, but it will get you out of debt quickly. Chapter 7 liquidates your assets and pays all your debts at once. While there’s a chance of losing important assets, like your house or property, this option may be appropriate for those seeking a quick fresh start.
Chapter 11 is more appropriate for businesses, and it’s known as “reorganization.” This plan keeps the business going while paying the creditors over time. While it can take some time, it can help your business thrive again.
Chapter 13 is like Chapter 11 bankruptcy, but it’s geared toward the average wage earner who’s in over his or her head. This form of bankruptcy adjusts your debts so you can pay them off within the next five years. This allows you to keep your property and make your payments to creditors manageable.
Filing for Bankruptcy in Rockville
Once you’ve decided which plan is best for you, you’ll need to prepare for filing. A lawyer can be especially useful for calculating debts and assets, which some plans will require before filing. Be sure to speak with a lawyer for help preparing complete and accurate lists of the following:
- Your sources of income
- Your creditors
- Assets and property
- Recurring living expenses, such as food and transportation
Get in Touch with a Rockville Bankruptcy Attorney
As scary as bankruptcy may sound, it can take the burden of debt off your shoulders, letting you recover from your debts and start fresh. But filing alone can be difficult, especially when you have some options that may feel especially extreme.
If you’re not sure how best to tackle your debt, contact Rowdy G. Williams Law Firm. Our lawyers can help you determine whether bankruptcy is warranted, which type is best for you, and how to proceed.
If you need help with your debt and you’re not sure where to turn, call a Rockville bankruptcy lawyer. We can be reached at 1-812-232-7400 or through the online contact form below.