Bankruptcy is an official legal process, and it requires the advice and representation of a qualified legal professional.
Often Marylanders who are seeking financial relief from growing debt are unsure which bankruptcy (Chapter 7 or Chapter 13) is right for their situation. Some people will qualify for both Chapters and some may only quality for one; but it’s rare to qualify for neither Chapter. Income level and amount of debt are both factors in determining which bankruptcy a person may qualify for.
At Sirody & Associates, our team of attorneys will work closely with you to help determine if bankruptcy is the most advantageous option for your current financial situation.
Types of Bankruptcy
Both Chapter 7 and Chapter 13 bankruptcy can help resolve issues with credit card debt, medical bills, and even stop lawsuits and wage garnishments. But, it’s important to understand the purpose and benefits associated with each filing.
Chapter 7 Bankruptcy
In general, under Chapter 7 bankruptcies, assets are paid off in order to pay creditors. Chapter 7 bankruptcies are generally faster, but filers must qualify based on income.
Chapter 13 Bankruptcy
Under Chapter 13, debts are reorganized and paid off over a longer time period according to a repayment plan. Chapter 13 bankruptcy may be an option for filers who do not qualify for Chapter 7 and more debts may be discharged under.
Request your FREE bankruptcy consultation today
In helping thousands of Marylanders get out of debt, we have found that no client’s circumstances are exactly like another’s, and that every case is unique. Request your FREE bankruptcy consultation today, and let Sirody & Associates help you get the fresh start you deserve.