Bankruptcy Options

Suggestions from a Washington DC Bankruptcy Lawyer

If you are failing to pay your debt or are in fear of losing your home, contact a DC and MD bankruptcy lawyer to discuss bankruptcy options. Bankruptcy provides several options tailored to meet your specific circumstances. In some cases, certain bankruptcy options may be able to provide relief for those struggling with student loan debt. Unfortunately, many of those who could benefit the most from filing for bankruptcy do not even consider it as an option. This is because they do not know the truth about the process, instead believing false misconceptions. The fact is, bankruptcy is simply a tool that many good people use to regain control of their finances. This often happens after hard times caused by things like unexpected hospital bills, job loss, divorce or a poor economy.

What Are My Bankruptcy Options?

For individuals and families, the two best bankruptcy options are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Although both Chapter 7 and 13 bankruptcy both provide debtors with financial relief, they are each tailored to meet the needs of a specific type of debtor.

Chapter 7 bankruptcy assists individuals in discharging their debts. Dischargeable debts under Chapter 7 include unsecured debt, such as medical bills, credit card bills, and certain types of qualifying tax debt. Debt that is not dischargeable under Chapter 7 includes alimony and child support payments, income taxes that are three years old or less, student loans and restitution for criminal acts. Immediately upon filing for Chapter 7 bankruptcy, an automatic stay goes into effect. This then stops wage garnishments and prohibits your creditors from contacting you or engaging in collection activities during the bankruptcy process.

Chapter 13 bankruptcy is for individuals who have a regular income but were temporarily unable to pay debts. It allows you to to pay back creditors in installments over a three to five-year period. Those who file Chapter 13 bankruptcy often are behind on mortgage or car payments. They would like to avoid losing their home or automobile due to foreclosure or repossession. Under Chapter 13 bankruptcy, you repay your creditors under the stipulations of a court-approved plan.

The terms of Chapter 13 repayment plans usually last three years but can last up to five years. Following the successful completion of a Chapter 13 repayment plan, a debtors remaining debt will be discharged. As with Chapter 7 bankruptcy, throughout the Chapter 13 bankruptcy process, an automatic stay protects debtors from collection activities.

Free Consultation with a Washington DC Bankruptcy Lawyer

For years, Washington DC bankruptcy lawyer Kevin D. Judd has been using the avenues of Chapter 7 and Chapter 13 bankruptcy to help people struggling financially. He practices law in several venues, including the Federal Courts in Maryland, New York and Washington DC and the Washington DC and New York State Courts.

The Law Firm of Kevin D. Judd will guide you step by step through the bankruptcy process. Your initial phone consultation with Attorney Judd is free. Thus, when you contact him, you have nothing to lose and everything to gain. To learn more, call (202) 483-6070 or fill out the online contact form on this page.