Kindlund Legal LLC.

Call Now For A Complimentary Case Evaluation:

(240) 539-9393

Former Chapter 7 Trustee

Kindlund Legal LLC.

Should I Hire A Bankruptcy Attorney?

Have you considered filing bankruptcy in the future? If so, it is best to speak with a Debt & Bankruptcy Lawyer sooner rather than later. People file bankruptcy for wide variety of personal reasons. Even if your circumstances do not fit neatly into one of the following categories, an Experienced Bankruptcy Lawyer can help you decide if you qualify for bankruptcy and how you should proceed.

  1. Medical debts- Due to the high cost of medical treatments, it can seem like one is drowning in debt should they need a costly procedure or expensive medication. Many people find themselves with medical debt that they are struggling to pay off.
  2. Loss of employment- If someone losses their job unexpectedly and cannot find one that pays similarly, they might find it difficult to continue paying off their debts.
  3. Credit card debt- Often people find themselves living outside their means and overwhelmed with credit card debt.
  4. Separation or divorce from a spouse- If a person is accustomed to having multiple incomes to pay down debts, divorce can leave them struggling to do so with only on income.
  5. Unexpected debts- Unfortunate life events can devastate a person’s life, leaving them with overwhelming debt. Loss of property is one example.

Do you have questions about how to file bankruptcy? An experienced Credit Card Debt Relief Lawyer can answer all of your questions and help you make the right decision for your personal circumstances. The attorneys at Kindlund Legal LLC are here to answer all your questions and guide you through the appropriate bankruptcy process. If you are located in or near Chevy Chase, Montgomery County, MD, call (240) 539-9393 for a complimentary consultation.

Which Bankruptcy Is Right For Me?

The main difference between Chapter 7 and Chapter 13 is the amount of assets and income of the party who wants to file. If the means test for Chapter 7 shows that the person makes too much money to file, then they should explore a Chapter 13 bankruptcy. Experienced Debt Negotiation Lawyers will be able to help you find out if you qualify for Chapter 7 bankruptcy.

Chapter 7 bankruptcy, also known as liquidation bankruptcy, involves the liquidation of the debtor’s assets. The meaning that the person filing bankruptcy sells assets in order to pay down debt. After that, all debt that is not exempted can be discharged.

Chapter 13 bankruptcy is the reorganization of an individual’s debt. The person filing bankruptcy must agree to a court-approved repayment plan, in order to settle debts with creditors. The repayment plans usually last between three and five years.

Chapter 11 bankruptcy is commonly filed by businesses that choose to remain open for business while undergoing the bankruptcy process. It is also the most complex of the bankruptcies. Under chapter 11 bankruptcy, the business debts are restructured so that the creditors benefit and the business can remain in operation.

Each individual has their own personal journey that leads to filing bankruptcy, so there is no one size fits all method of bankruptcy. If you are an individual who does not fall into the business category and you are considering bankruptcy, chapter 7 or chapter 13 bankruptcy will be the right path for you.

Do you think you might need to file bankruptcy for debt relief? An experienced Debt Relief Lawyer from Kindlund Legal LLC will guide you through the bankruptcy process that is best for your circumstances. If you are located in or near Chevy Chase, Montgomery County, MD, call (240) 539-9393 for a complimentary consultation.

What Is The Chapter 7 Bankruptcy Means Test?

The means test is designed to determine if someone has any disposable income that could be used to pay off debt. The test is usually for those who have consumer debts, such as credit card and medical debt.

The test examines whether your household income is below your state’s median income. If your income is under that median income, you automatically pass the means test.

If you are considering bankruptcy and have questions about which type might be right for you and your circumstances, you should speak with an experienced Debt Consolidation Lawyer. If you are located in or near Chevy Chase, Montgomery County, MD, one of our attorneys at Kindlund Legal LLC will guide you through the process that is best for your situation. Call (240) 539-9393 for a complimentary consultation.

Jillian Kindlund

Call Now For A Complimentary Case Evaluation
(240) 539-9393
Former Chapter 7 Trustee