While it has gotten a bad reputation from popular media and current culture, bankruptcy is designed to help folks get a fresh financial start. Debt is an exponentially growing issue, and more people fall victim to it every year. With predatory loan practices, increasingly high interest rates, and more opportunities to spend money than ever before, it is no surprise so many people fall behind on bills and find themselves in an insurmountable level of debt. This is where Chapter 7 Bankruptcy comes in.
One of the most valuable aspects of filing for bankruptcy is the barrier it puts between you and your creditors. Since credit agencies tend to harass those who fall into debt, the situation can very quickly become overwhelming, piling on hardship even further. When filing for Chapter 7 Bankruptcy in North Bethesda, Montgomery County, the court will order a stay on harassing phone calls from collectors and will give you a chance to breathe.
Alongside an end to the incessant phone calls and harassments, Chapter 7 Bankruptcy also provides another aspect of relief. While every situation is fact-dependent, in some instances, individuals facing foreclosure on their homes or repossessions of their vehicles may also be spared. While it does not eliminate the need to continue payments eventually, it does prevent the bank from foreclosing on your home until your debt has been reorganized and may force the agency which repossessed your vehicle to return the property, which is rightfully yours.
Bankruptcy is an essential institution in the United States and varies slightly around the country. This is one of the critical reasons why seeking an experienced Chapter 7 Bankruptcy Attorney is all but mandatory. Additionally, it is equally important to finding a bankruptcy law attorney who is familiar with the area and has a vast well of experience to draw from when assisting you in the completion of your bankruptcy.
At Kindlund Legal LLC, over 30 years of assisting clients to escape debt and triumph over their creditors will be available to you, as well as a system of support to help guide you through this often emotionally draining process. Unfortunately, without an experienced Small Business Bankruptcy Attorney by your side, you run the risk of making costly mistakes that can land you in even hotter water than you were attempting to escape.
Chapter 7 Bankruptcy functions as a way to reorganize debt in order to provide a debtor a chance at a fresh start. However, this does not come without a cost. When filing for bankruptcy in North Bethesda in Montgomery County, you will be assigned an impartial trustee by the court who will evaluate your assets and begin liquidating them to lower your debt. However, there are a few complexities that a bankruptcy law attorney can help you broach throughout this process.
While Chapter 7 Bankruptcy is available in all 50 states, there are also local considerations that slightly vary the process. For example, most states offer a separate but not entirely different list of exceptions to property that can be liquidated to begin paying off debt. Since bankruptcy is handled on both a federal and state level, this means there are even more possible complications that can emerge at various stages throughout the process.
Generally, though, the list of property exemptions includes essential items to live, your home or mobile home, vehicle, and other necessities. Luxury items, however, are often not exempt, as they will be some of the most significant contributors when lowering your debt.
Chapter 7 Bankruptcy is not only for individuals, either. Small businesses who are facing tough times may also be eligible, and the process is not entirely different. However, suppose you intend to explore the option of Chapter 7 Bankruptcy for your small business in North Bethesda, Montgomery County. In that case, it is imperative to seek the assistance of a Small Business Bankruptcy attorney to assist you in your endeavors. If you do not, you risk making mistakes that could cost you dearly down the line that could have been avoided if the proper advice had been sought.
At Kindlund Legal LLC, attorney Jillian Kindlund takes pride in helping clients find the fresh start and financial freedom they have been searching for. With over three decades of experience, you can rest assured knowing that you are in capable hands. To explore your options in seeking financial freedom, contact our office in North Bethesda, Montgomery County, to schedule an initial consultation. From there, we will discuss your current circumstances, goals for your Chapter 7 Bankruptcy, and the next steps in reaching your goal.
The longer you wait, the longer it will be before you can achieve a fresh start. Everyone deserves a second chance, and debt should not define an individual, so call Kindlund Legal LLC today to get started!
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Former Chapter 7 Trustee