A man owned his own business, had a house, three 3-year-olds and a lot of debt to go with it. So much debt in fact that it totaled in the millions from a failed business. So he hired an attorney and asked the attorney to do everything possible to prevent him from filing bankruptcy.
Then, the creditors started calling and even visiting the man’s current business. It got to the point where his wife was afraid to open the door. He had already taken out a second mortgage on the house and he was still not making ends meet. Finally, the attorney gave the man a choice. He could take the $1,000 a month that he brought home every month and give it to the creditors or he could buy groceries for his family.
Even though it wasn’t an easy choice, the man filed Chapter 13 bankruptcy and his debts were consolidated over a period of time and put into one lump payment that he could afford. By doing so, he was able to pay back the debts that he owed and to start his life fresh without the million dollars in debt hanging over his head at every moment.
If you’re in a situation where you feel that you will never make progress in your debt, contact a Maryland bankruptcy to go over your options and to see if filing a bankruptcy will give you a chance to start your life over again.
Bankruptcy doesn’t have to mean the end
There is more than one type of bankruptcy and the one that fits you may be different than the one that fits your neighbor. Thus, a Maryland bankruptcy lawyer can help you figure out what is right for you and your situation. Once a bankruptcy is filed, an individual can regain his sense of worth by trying to save and learn how to manage money with the help of a Washington DC lawyer rather than trying to pay a debt that will never go down in principal but only accumulate interest.
Once a bankruptcy is over, the filer will be able to rebuild his credit in order to start living his life again. A Washington DC bankruptcy attorney can help you with some of the following options to rebuild your credit:
• Clean your credit report of inaccurate information
• Make sure your old debts are taken off your current credit report
• Make sure that creditors stop calling and harassing you
• Obtain a debit card and use it like a credit to build credit
• Sign up for revolving accounts in your name like the phone and cable bill (put down a deposit if necessary)