Debts can be frightening, like an avalanche rapidly approaching, they can bury you far faster than most can dig their way out. Whether set off by bad decisions, an unexpected series of medical bills, or a pandemic undermining your hard-won business, debt can snowball until it threatens every aspect of your life.
But that is where, for some Clarksburg, MD, residents, Bankruptcy can be a viable option for some much-needed relief or a fresh start. With the help of local and experienced bankruptcy law firms like Kindlund Legal LLC, the right bankruptcy (most often Chapter 7 or 13) can save them untold grief and protect vital assets.
When Should Clarksburg Maryland Residents Or Businesses Consider Bankruptcy?
The first thing to remember about bankruptcy is that it is a form of protection. Protection of your most essential assets against creditors, and protection for your future against rising mountains of debt. That said, it is not available to everyone, nor is it the right solution for everyone.
Individuals and small businesses may want to reach out to a bankruptcy attorney if they find themselves facing insurmountable debt, especially if it is from a source outside their control such as medical bills or the loss of a job. But even those suffering under, for example, massive credit card debt may be able to find a solution.
It is also vital to reach out before it is too late. For example, if you are facing a potential foreclosure, then you should reach out to a nearby Maryland bankruptcy attorney as quickly as possible. This is especially true because of one of Bankruptcy’s numerous advantages, the Automatic stay.
Why Should Clarksburg Debtors Consider Filing For Bankruptcy?
While not every bankruptcy plan or path will be the same, they all offer numerous advantages. Filing bankruptcy with an experienced bankruptcy law attorney can help you get out from under your debt, save key assets (like your home) or get a fresh start in business.
First, by helping you file correctly, your bankruptcy attorney will help you build a wall between you and your creditors. A wall they will personally man so that all the harassing requests and notices have to go through them, not you.
Second, they will improve your chances of actually getting the debt relief you need, and asset protection you deserve. The bankruptcy process is multifaceted, complicated, and sometimes counterintuitive, such as the liquidation of a debtor’s assets. Trying to navigate that, or really any of the bankruptcy processes on your own might not just be time-consuming, it might actually undermine your case. Since filing bankruptcy is not free (contrary to what some might think) you want to make sure your money is spent wisely, efficiently, and effectively.
Finally, a bankruptcy attorney will help you identify exactly what kind of bankruptcy claim you can and/or should file, based on your specific needs and circumstances.
Which Chapter Of Bankruptcy Should Clarksburg Residents File?
One of the most important choices you will need to make when facing bankruptcy is which chapter of bankruptcy to file. While Chapters 7 and 13 are the most commonly used by individuals and families, there are actually six different types, including Chapter 11 for small businesses, for your bankruptcy attorney to help you choose between.
This choice is crucial because it determines how your bankruptcy will be structured, which assets can be protected, whether the debt will be forgiven or repaid, and so forth. The difference between the chapters, both in terms of the requirements to file, and the possible outcomes, is one key reason why Clarksburg residents who find themselves needing to file for bankruptcy in Maryland need to reach out to a specialized bankruptcy law firm like Kindlund Legal LLC.
A Bankruptcy Attorney With Expertise And Empathy
At the head of Maryland’s Kindlund Legal LLC is Jillian Kindlund. Over 20 years of experience in Bankruptcy law, including serving as a Trustee, has given her an intimate familiarity with the bankruptcy process.
Her expertise is balanced by a deep empathy for her clients’ situations, having been through years of extensive medical expenses after facing cancer. She knows how difficult a time clients must be having to consider bankruptcy and uses all of her expertise to help Clarksburg residents and businesses find the relief from debt they need.