Category Archives: Bankruptcy

Bankruptcy attorney for filing bankruptcy in Maryland and Washington DC on important bankruptcy information, debt relief and credit repair.

What Should I Do Before Filing for Bankruptcy?

There is a lot to consider if you are thinking about filing for bankruptcy. The first determination you should make is that bankruptcy is the best way for you to deal with your financial problems. Bankruptcy is an incredibly valuable tool to help you dig yourself out of a financial hole, but every case is different. As such, you will want to go through your finances with someone who is familiar with the field of bankruptcy – your attorney. Before you file, there are some things you have to do first. Within the 180 days prior to your bankruptcy filing, you must receive budget and credit counseling from an approved credit counseling agency. During this counseling, you and your counselor will go over all possible options for your finances and budgeting. Once you complete the counseling, you will receive a certificate stating that you received the counseling. You need this…
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Reaffirmation Agreements in Bankruptcy

Our Bankruptcy Attorney Discusses How to Keep Property in Chapter 7 Chapter 7 bankruptcy has some key differences from Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, you pay back a portion of your debts in a three-to-five-year repayment plan. With a Chapter 7 bankruptcy, the Trustee gathers and liquidates your nonexempt assets. These are assets that you cannot exempt from the bankruptcy estate. Some types of assets are exempt, meaning you can keep them despite filing a Chapter 7 case. However, there could be additional options for keeping certain assets during bankruptcy. You may also be able to enter into a reaffirmation agreement with the creditor. Our DC and Maryland bankruptcy attorney can answer any questions you have about filing a Chapter 7 case. Contact our bankruptcy attorney to schedule a free initial consultation. Keep reading to learn more about reaffirmation in bankruptcy. What Is a Reaffirmation Agreement? When…
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What to Expect When Filing for Bankruptcy

The decision to file for bankruptcy is not an easy one. The stigma, the damage to your credit and the loss of certain assets can be a struggle. However, filing for bankruptcy is often the best option to reset your finances and move forward into the future without the burden of mounting debt. For individuals considering bankruptcy for the first-time, here is some important information that will prepare you for the process. The Difference Between Chapter 7 and Chapter 13 Bankruptcy Chapter 7 bankruptcy involves liquidating assets in order to discharge most or all of your debt. If you opt for Chapter 7, then you may be able to keep some of your assets. However, you will most likely have to give up the majority of your non-exempt assets. On the other hand, Chapter 13 bankruptcy involves creating a payment plan to pay creditors over a period of time. Chapter…
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