Tips to Hiring a Hagerstown MD Bankruptcy Attorney

Bankruptcy is defined as the legal declaration of a debtor who cannot pay their outstanding debts. A debtor may be an individual, a company or a corporation. When a person is unable to take advantage of the relief options, bankruptcy is the only way out. If this is the situation in your case, hiring a Hagerstown MD Bankruptcy lawyer may be in your best interest.

The benefit of filing bankruptcy is that one is freed completely from their debt burdens and the stress involved with it. It offers some options, depending on your situation. These are the two options most popularly preferred:

  Chapter 7

  – this is the most common choice that an individual prefers. This allows a debtor to completely get rid of their debt. When a person requests a Chapter 7 bankruptcy, the court appoints an administrator who has the responsibility to assess the value of the total assets owned by a debtor. Subsequently, the assets are liquidated and creditors involved are paid.

*   Chapter 13

*   – this allows a debtor to pay his debts after a time span of 3-5 years. This implies that a debtor must have an adequate source of income after the given time. Business partnerships and corporations are not eligible to benefit from this option. Once a debtor applies for this chapter of bankruptcy, they must send in a payment plan to the court for approval.

It is not possible for a common man to understand the implications of a bankruptcy case. You need proper guidance to help overcome the process. A bankruptcy attorney can be helpful in such a situation. They are the right people to provide help -; they can file the right paperwork for you, etc. It is their duty to the client to make them feel comfortable.

While searching for a Hagerstown MD Bankruptcy attorney, you need to be sure about some factors first. How much experience they have, the qualifications they have and any referrals and previous customer feedback is always helpful. It is important to do some background research on your lawyer before hiring them as well. For more information contact your local law firm today.