Information about Bankruptcy Law

Provided by Washington DC and Maryland Bankruptcy Attorney, Kevin D. Judd

Bankruptcy law provides the ability to create and maintain a plan to resolve the debt created by a debtor. By dividing the debtor’s assets among creditors, he or she is able to fix the problem and regain financial freedom. Our Washington DC and Maryland bankruptcy attorney at the Law Firm of Kevin D. Judd has experience dealing with these types of cases.

There are several reasons that bankruptcy law exists. Mainly, this area of law allows a debtor the opportunity to repay debt that is owed to a bank or creditor. The law also helps debtors free themselves from debt, even if it is not fully paid, after all assets are distributed. In some cases, the debtor is even allowed to keep his or her business and use profits to help pay off the debt owed.

There are two common types of proceedings that fall under bankruptcy law. The first, Chapter 7 bankruptcy, is most often a complete liquidation of the assets. The second most common form is Chapter 13. With Chapter 13 bankruptcy, the debtor will work with creditors to form a proper and efficient repayment plan.

If you have questions regarding bankruptcy law, contact a Maryland and Washington DC Chapter 7 attorney today.

Your gateway to financial freedom.

Free initial phone consultation. Located near the Navy Memorial/Metro Station.