We will protect your rights in bankruptcy and collection matters.
WHAT WE OFFER
For over 30 years our bankruptcy lawyers have helped clients to assess and implement bankruptcy and non-bankruptcy options to deal with their financial problems.
WHAT IS BANKRUPTCY?
Bankruptcy is a process to relieve and resolve personal and business debt. Several types of bankruptcy exist under the Bankruptcy Code.
Chapter 7 bankruptcy is a proceeding in which the person filing bankruptcy gets a discharge of debt with the possible sale of unprotected assets. This would involve the collection and distribution to creditors of the non-exempt property of the bankrupt party (called the "Debtor") by a trustee. Individuals who qualify for a Chapter 7 usually get to keep most, if not all, of their assets. The actual sale of assets by a trustee is an infrequent event. Most Chapter 7 debtors have "no asset" cases in which none of their assets are liquidated.
Chapter 13 bankruptcy involves a Court approved payment plan from the future earnings of the Debtor. Individuals with significant income or assets may need to pursue this type of "wage earners" repayment plan. This is a potential viable option for people behind on their mortgage or car payments. Also, if assets might be liquidated in a Chapter 7 bankruptcy, debtors can pursue a Chapter 13 bankruptcy to keep their assets.
OUR COMMITMENT TO YOU
We understand how sensitive and difficult these matters can be. We will work to ensure that your needs are met with a minimum of stress and expense. Where litigation becomes necessary, we are tireless and effective advocates for our clients.
Give us a call today!
(301) 251-6600 - Rockville
(301) 607-1231 - Frederick