When you awaken to the telephone ringing with calls from bill collectors and the calls continue all day long, you know that you have to make a drastic move. It doesn’t matter if you are unemployed or working every hour that you can, when you don’t have enough money to pay all your bills, life is tough and the bill collectors don’t care. Depending on the type of debts you have, a lawyer can help you determine the best option to get out of debt and back on the road to riches. If most of your debts are unsecured debts like medical bills and credit card debt, a bankruptcy lawyer in Baltimore may suggest the best option for your situation is bankruptcy, especially if you have no true assets to speak of. With no assets, a Chapter 7 bankruptcy is usually recommended. It will wipe your debts away and let you start fresh.
If you make the decision to file Chapter 7, as soon as the bankruptcy lawyer in Baltimore files the papers, the collection calls will stop. At that point, it will be against the law for a collection agency to contact you. You will be required to give the attorney a list of all your debts and again the courts will verify you have no large assets. Usually, the debtor can keep a car, as long as it’s either financed with little equity or is worth under a certain dollar amount, usually around $2,000. After the bankruptcy papers are filed, you will receive a court date. Many are intimidated by the thought of going to court and facing the judge. It’s actually very simple and over quickly. After the court hearing, when the bankruptcy is approved, all your dischargeable debts will be erased. You will walk out of the courthouse as a debt free person, with a new beginning.
When you need help to get out of an overwhelming financial situation, bankruptcy may be the answer. It can give you the relief you need and allow you get a fresh financial start. Your slate will be wiped clean and you’ll be on the road to financial recovery.
