Dealing with any type of financial difficulty is an often overwhelming situation to face. While there are many options available, choosing the right course of action can seem like an impossible task. Depending on the circumstances, you may find that the best way to settle your debt is by declaring bankruptcy. While this may well be the most suitable plan, it is important to consult an experienced bankruptcy attorney to ensure that you are secure in your decision and understand the details of the bankruptcy process. If bankruptcy is not the most reasonable choice to make, a qualified attorney will have the tools necessary to help you construct a financial plan that enables you to make your way towards debt relief and financial stability.
At the law offices of Kindlund Legal LLC, we offer our clients in-depth legal representation that is dedicated to the protection and wellbeing of our clients. Boasting over 27 years of experience, Attorney Jillian Kindlund has developed a discerning and refined approach to her legal practice that prioritizes professionalism and client relationships. Her commitment to helping individuals find financial security is unparalleled in the greater Cheverly, MD area, and her successful performance history is a testament to this.
Debt Relief vs. Bankruptcy
There are different methods for getting out of debt, and all of them have the propensity to be complicated and confusing.
Bankruptcy is the process of filing with the court and working with a trustee to pay back or discharge some debts. There are different types of bankruptcy cases, but the most common are Chapter 7 and Chapter 13 bankruptcy cases. In Chapter 7 bankruptcy cases, one must liquidate their unexempt assets in order to pay back creditors. Contrarily, Chapter 13 bankruptcy cases allow individuals to develop a payment plan that is based on their wages to repay all or some of their debts (usually over three to five years). This is best done under the supervision of an adept bankruptcy attorney that understands the process as a whole, and can meticulously ensure it is being done correctly.
While bankruptcy works well for many financial situations, there may be alternatives available. Debt relief includes various plans or programs to get an individual out of debt without declaring bankruptcy. While both bankruptcy and debt relief affect your credit score, given that bankruptcy generally erases more debt than other options, this can lead to advances in your credit score over time. With this in mind, common debt relief programs include:
- Lump Sum Payments: Some creditors will take less money than you owe if you offer a larger sum of money instead. If this is an option for you, debt negotiation lawyers have the skills available to walk you through the process.
- Debt Consolidation: You may have the ability to get a debt consolidation loan, which pays off all of your creditors at once, leaving you with only one payment going forward. A debt consolidation lawyer plays a large role in finding the best loan available for your state of affairs.
- Debt Settlement: This is a settlement negotiated with the debtor’s unsecured creditors. In some cases, with the help of a debt relief attorney or other financial professionals, your creditors may agree to forgive a large part of your debt.
No matter what your situation may be, it is important to know that you have options available for your financial situation. While it may seem counterintuitive to hire an attorney to handle these affairs for fear of accruing more debt, in the long run, you will have achieved the best possible outcome and long-term financial security by doing so.
Our Firm Stands With You And Your Financial Security
At Kindlund Legal LLC, we do everything in our power to offer our valued clients the precision legal services they deserve. When it comes to financial problems, our firm recognizes what is at stake and the steps that must be taken to bring you towards a more secure financial future. Over the years, Attorney Jillian Kindlund has displayed why it is so important to obtain legal representation when settling your monetary difficulties. Whether you are in credit card debt and need assistance from an accomplished credit card debt relief lawyer, or are facing possible bankruptcy, our firm is prepared to help you navigate the legal process so you can look towards a productive solution. Our dedication to our clients speaks volumes to the legal ethics we strive to uphold, and we put their individual rights above all else to make this vision a reality.
If you are seeking financial assistance in the Cheverly, MD area and require the representation of a qualified lawyer, please do not hesitate to contact our office today for a free initial consultation.