Answers To Your Bankruptcy Questions
As attorneys with experience handling bankruptcies for clients throughout Maryland, Virginia And D.C., we have fielded many questions from people looking into bankruptcy. There is a lot of confusion and misunderstanding regarding the types of bankruptcies, the processes and the laws regulating bankruptcy in the United States.
You can read through the questions and answers below and talk with a lawyer from The Law Office of DeCaro & Howell, P.C.
How Do I Know If I Should File For Bankruptcy?
While each case is different, and you should consult with an experienced bankruptcy lawyer to determine your best options, there are some key indicators that you might be a good candidate for bankruptcy:
- Your monthly debts and expenses far outweigh your monthly income.
- You are seeing your premiums on outstanding debts continue to increase as interest is rolled into the premiums.
- You are consistently taking money from one account to pay off another (robbing Peter to pay Paul).
- You are receiving collections calls, emails and texts regularly.
- You have received notice of foreclosure of your home or default on other loans.
If you have experienced any of the above, you should talk over your options with an attorney.
What Are The Main Types Of Bankruptcy?
The main types of bankruptcy are:
What Are The Main Differences Between These Bankruptcy Types?
There are numerous differences between the various forms of bankruptcy:
- Chapter 7 is generally considered the debt liquidation option. It allows for fast dissolution of debts.
- Chapter 13 is focused on reorganization of debts and allows filers to keep more of the debts that they can afford to keep.
- Chapter 11 is generally geared toward businesses seeking debt-relief, but it can be a good option for individuals who qualify.
There are more differences between these, but to understand the right fit for your individual need and goals, it is best to speak with an experienced lawyer as soon as possible.
Will I Lose My Possessions By Filing For Bankruptcy?
Not necessarily. Again, the best approach is to talk with a lawyer about the specifics of your case. But generally, some assets are protected against creditors in bankruptcy, some assets you can maintain in certain situations even if you still owe money on them, and some assets may be seized as part of bankruptcy.
Can I File For Bankruptcy Without A Lawyer?
Will Filing For Bankruptcy Stop The Foreclosure Process?
Contact Us Today
At The Law Office of DeCaro & Howell, P.C., we offer free consultations, so there is no financial risk in talking with us about the debt-relief options available to you. Call us today at 301-750-9941 or email us to schedule a consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.