When a person visits a financial counselor or adviser and is told that he or she may need to file bankruptcy, frustration may arise from the thought of being in financial ruin. However, bankruptcy can be the start of something fresh for the debtor and allow him or her to build credit over a period of time. A Chapter 7 Bankruptcy Attorney in Maryland helps clients to get this fresh start for their financial future. There are benefits of filing the Chapter 7 bankruptcy versus the Chapter 13 bankruptcy and other types.
Benefits of Selecting Chapter 7 Bankruptcy
Of all the bankruptcies, the one that stands out the most is the Chapter 7 bankruptcy, largely because this type virtually wipes away all of the debtor’s unsecured debt and gives him or her a clean start. As in all bankruptcies, the moment a person files for a Chapter 7 bankruptcy, all harassment from creditors must cease, because it becomes illegal to continue calling or send threatening letters to the debtor. There is a myth that a person automatically loses his or her home and car when filing a Chapter 7 bankruptcy.
More Benefits of Chapter 7 Bankruptcy
To put the myth to rest surrounding Chapter 7 bankruptcy, only 10 percent of Chapter 7 bankruptcy cases end up with property being seized, so the debtor shouldn’t be overly concerned with that. In most cases, the debtor in a Chapter 7 bankruptcy does not even have to see the bankruptcy judge, but usually talks to a trustee of the matter in the one mandatory meeting with the creditors. The only requirement is that the debtor must qualify financially for Chapter 7.
An Attorney Who Can Help with Bankruptcy
As a Chapter 7 Bankruptcy Attorney, the Law Office of Laura Margulies & Associates has been providing debt relief solutions for clients in Maryland and Washington, D.C. for more than 25 years. The law office helps clients with foreclosures and other debt relief options, as well as bankruptcy. If there are any clients in Maryland or Washington, D.C. in need of a Chapter 7 Bankruptcy Attorney, the law office is available.
