As one of the most experienced bankruptcy law firms, the Law Office of Rowena N. Nelson is assuring people in financial despair that bankruptcy is good for them. As one lawyer put it, “Bankruptcy is a better option than burying your head in the sand”.
And luckily, many people are heeding such advice resulting in bankruptcy filings jumping to record levels.
Most bankruptcies filed in the United States are on either Chapter 7 or Chapter 13 basis.
Chapter 7 is a liquidation bankruptcy structured to eliminate a person’s unsecured debts such as credit cards, medical bills and the like.
But to qualify for Chapter 7 the individual must have little or no income. Typically a trustee is appointed to oversee the case who will review the papers, and other documents. The trustee will sell nonexempt assets to pay back the creditors.
Chapter 13, on the other hand, is called a wage earners plan. It facilitates individuals with regular income to develop a strategy to repay all or part of their debts.
For a lay person, however, understanding the intricate differences between the two plans can be a dreadful task.
Many of the questions that need to be answered include, who can file, eligibility restrictions, the time it takes to receive a discharge, and benefits and drawbacks of each.
It is in such a scenario that Prince George’s County Bankruptcy Attorney can come to your assistance.
Any alternative to filing can be far worse. “If the creditors litigate and win they can legally garnish wages and put liens of individual’s homes”, says a bankruptcy attorney.
Many honest people who have gone through tough times have finally turned to bankruptcy because they could not see any other way out.
Bankruptcy is the best way to clean up when a debt is not going to be repaid.
In Largo MD, bankruptcy lawyer firm, the Law Office of Rowena N. Nelson, has been helping individuals in financial crisis do exactly that.
Lawyers from this firm have an enviable record of giving people freedom from personal or business debt and get them on a new path.
About the Law Office of Rowena N. Nelson, LLC
The Law Office of Rowena N. Nelson is a top provider of legal service in the District of Columbia and Maryland.
The firm is providing a wide range of legal services including in bankruptcy law, criminal law and family law.