What Is Bankruptcy? How Can It Help Me?
Determine if Bankruptcy is the Right Option for You
There are many circumstances that can cause hard-working, honest individuals to get in over their heads financially. Losing your job, medical bills or an unexpected event can make your finances unmanageable. At the Law Firm of Kevin D. Judd, our Washington DC bankruptcy law firm will work with you to eliminate or consolidate your debt, stop foreclosure and then restore your financial freedom.
You might ask yourself: what is bankruptcy? Are there are different types? How you would I go about filing? We have provided some further information below.
What Do I Need to Know About Bankruptcy?
- Bankruptcy Information: Information and facts about commonly used bankruptcy phrases and what your options are.
- Chapter 7 Bankruptcy: Chapter 7 bankruptcy is also known as debt liquidation, and it eliminates all dischargeable debt. Creditors cannot pursue wage garnishment, harass you with phone calls or take any other action against you such as threatening repossession. It eliminates debt and, thus, you do not have to repay it. There are, however, non-dischargeable debts that do need to be paid such as student loans and child support payments.
- Chapter 13 Bankruptcy: Chapter 13 bankruptcy essentially means setting up a payment plan based on your projected future earnings to repay your creditors within three to five years. Chapter 13 bankruptcy is for individuals who have a regular income but fell behind in payments and/or are about to lose their house or car.
- Home Foreclosures: Get foreclosure help as well as tips on how to avoid foreclosure or stop foreclosure with bankruptcy.
- Managing Consumer Debt: Find out what you can do to manage your debt and also how to avoid “credit repair” services.
- Bankruptcy Means Test: What is the bankruptcy means test and why do you need to use it?
- Solutions for Student Loan Debt: How can bankruptcy help you with your student loans?
- Frequently Asked Questions: Get answers to frequently asked questions about bankruptcy laws and types of bankruptcy.
Should I Be Filing for Bankruptcy?
If you are facing substantial debt, filing for bankruptcy in Washington DC gives you a chance to get out from under it. However, bankruptcy should be viewed only as a last resort. Before considering it, you should try all other options to pay off your debts. You might contact your creditors to work out some type of loan settlement or repayment plan. If you already have a repayment plan, then you might negotiate lower payments. You may also try selling some of your assets to make up for the debt.
However, you should also realize that filing for bankruptcy will negatively impact your credit. A Chapter 7 bankruptcy will stay on your credit report for up to 10 years later and a Chapter 13 will stay on it for 7 years. You should consult with a Washington DC bankruptcy law firm about whether or not filing is the right choice for you.
Contact a Washington DC Bankruptcy Law Firm for More Information
If you need knowledgeable Maryland or Washington DC legal assistance to consolidate, eliminate or reorganize your debt, call the Law Firm of Kevin D. Judd at (202) 483-6070 or contact us online. We offer a free initial phone consultation. Our Washington DC bankruptcy law firm gives clients personalized legal services and hope for their financial future.