Being declared bankrupt might feel like the end of the world, because there is some stigma attached with it. However, bankruptcy laws were created for protection of the debtor and for safeguarding the rights of the creditor. If you are financially strained and cannot afford to repay your debts, declaring bankruptcy might be one of the most common sense approaches to wiping your debts, and starting afresh. It will also allow your creditors to recover fully or partially, what they loaned to you, without your having to lose all your assets, and being left without a house, car, or tools of your trade.
Eligibility
There are certain conditions you would need to meet, before you can claim bankruptcy under chapter 7, 11,or 13. Chapter 7 is normally used by individuals to help delete their debts, while chapter 13 is used by businesses. To qualify you would first need to undergo a means test. Your largo Maryland bankruptcy lawyers, during the consultation, will tell you what a means test is, and if you have the possibility of clearing it. You would also need to offer proof of income, debts, expenses, and your Largo Maryland bankruptcy lawyers will help you understand how the process of filing for bankruptcy works.
Can your house and car be saved?
You would be curious to know what type of property you can keep, since your goal would be to save some of your assets. This depends on many factors. There are some exempted assets that you can save, and your bankruptcy lawyers in Largo would be able to explain how these exemptions work. You would also need to understand that the property you want to save may necessarily not be exempt. If there is more than one type of asset you wish to keep, you would have to go through your options under federal and state laws, to check which ones you need you keep, and which assets you will need to let go of.
Eligibility
There are certain conditions you would need to meet, before you can claim bankruptcy under chapter 7, 11,or 13. Chapter 7 is normally used by individuals to help delete their debts, while chapter 13 is used by businesses. To qualify you would first need to undergo a means test. Your largo Maryland bankruptcy lawyers, during the consultation, will tell you what a means test is, and if you have the possibility of clearing it. You would also need to offer proof of income, debts, expenses, and your Largo Maryland bankruptcy lawyers will help you understand how the process of filing for bankruptcy works.
Can your house and car be saved?
You would be curious to know what type of property you can keep, since your goal would be to save some of your assets. This depends on many factors. There are some exempted assets that you can save, and your bankruptcy lawyers in Largo would be able to explain how these exemptions work. You would also need to understand that the property you want to save may necessarily not be exempt. If there is more than one type of asset you wish to keep, you would have to go through your options under federal and state laws, to check which ones you need you keep, and which assets you will need to let go of.