Finding yourself in a situation in which chapter 7 bankruptcy looms on the horizon can be overwhelming and confusing if you are not familiar with the process. However, regardless of the circumstances, it is likely a challenging time for you and those close to you. From the prospect of liquidating your assets to questions of potentially saving your home from foreclosure, there are many questions and concerns debtors have before choosing to enter bankruptcy proceedings. Without the proper support and resources, it can feel like being lost at sea with no land in sight.
However, if you act proactively and hire a Chapter 7 Bankruptcy Attorney to assist with your case, you will find the knowledge, tools, and experience to help guide you through each step of the process. At Kindlund Legal LLC, we pride ourselves on offering professional support alongside the personal understanding to help our clients through their bankruptcy proceedings. While there may be many resources and articles available online, nothing beats the touch of working personally with an attorney to help you through. So, if you are considering filing for Chapter 7 Bankruptcy in Upper Marlboro, MD, call our office as soon as possible to discuss the options available to you.
How Chapter 7 Bankruptcy Can Help You
Regardless of the reasons behind why someone may have fallen behind on their debt, the situation can quickly become overwhelming and feel like an impossible hill to climb. From constant harassment from increasingly aggressive debt collectors to the anxiety of not knowing how to begin paying down the debt, searching for resources that can provide answers to these questions only adds to the stress. However, there is a solution that can help simplify the entire ordeal. While bankruptcy has gotten a bad reputation in media and may not be the most pleasant process to undergo, it is designed to give those in an insurmountable amount of debt a chance at a fresh financial start.
However, the first step in the process is to reach out to a Chapter 7 Bankruptcy attorney in the Upper Marlboro, MD, area with the knowledge, tools, and experience to help get you started and guide you through each step along the way. Regardless of the situation you have found yourself in, whether that be on the brink of losing your home to foreclosure or shuttering the doors of your small business, Jillian Kindlund, Esq., can help demystify the process and get you on the way to your own financial fresh start.
Liquidation Of A Debtor’s Assets
Chapter 7 bankruptcy functions to pay off one’s debt and discharge the majority of it remaining by the end of the process. This is accomplished through the appointment of a Chapter 7 trustee who will liquidate the debtor’s assets in order to begin paying down the debt. This is one of the most intimidating prospects of the whole process to many people since parting with their possessions can be a challenging idea to stomach. Additionally, it may be confusing initially to determine which assets will actually be liquidated and which will be exempt.
While there may be some general answers to be found online, they are hardly comprehensive and are not personalized to your situation. For these more specialized answers, getting in touch with a Small Business Bankruptcy attorney or Chapter 7 Bankruptcy Attorney in Upper Marlboro to discuss the options and practical implications of filing for bankruptcy yourself is the best place to start.
It is important to remember that each case is unique, but there are some general guidelines to consider when determining which assets will be liquidated and which may be exempt. The most general and comprehensive concept to go by is that any non-frivolous necessities to maintain a typical lifestyle will most likely be exempt. For example, this will generally include most clothing and jewelry under a certain value, one vehicle, household furniture, and other such necessities. However, this does not account for your situation and may change depending on the specifics of your particular circumstances. To get a better idea of the reality of the situation, contact a Chapter 7 Bankruptcy attorney as soon as possible.
What To Do Now
Whether you are only beginning to consider the idea of filing for bankruptcy or have begun the process, the best thing to do is reach out to Kindlund Legal LLC as soon as possible to discuss your circumstances and the options that may be available to you. If you are looking to file in Upper Marlboro, MD, Jillian Kindlund, Esq., can help get you on the right track and explain what to expect along the way. From explaining liquidation exempt assets to discussing dischargeable and nondischargeable debt, there is no better place to turn. Time is of the essence, so call today!