Are you struggling with a lot of debt in West Bethesda, MD, or its surrounding areas? You’re not alone. Many people are in the same boat, feeling lost and unsure of where to turn for help. It can be tricky to figure out how to deal with your debt, but that’s where a debt & bankruptcy lawyer comes in. A qualified professional can give you the guidance and support you need to overcome this challenging time.
There are many types of bankruptcy, each with its pros and cons. It’s essential to consult with an attorney to determine which type of bankruptcy is right for you.
Learn What Bankruptcy Type Will Work Best For Your Case
The most common types of bankruptcy chapters in West Bethesda, MD, are chapter 7, chapter 11, and chapter 13. A chapter 7 bankruptcy is often referred to as liquidation bankruptcy. This is because it requires selling private assets to pay off your debts. After selling assets, any remaining debt is discharged. For this bankruptcy, you are typically exempt from selling specific properties.
Chapter 11 bankruptcy is known as reorganization bankruptcy and usually involves businesses. During Chapter 11 bankruptcy proceedings, some loans and contracts may be modified or rejected. This can include changing the terms of the loan or agreement or completely nullifying it.
Chapter 13 bankruptcy is known as debt consolidation and allows you to repay your debts over a three-to-five-year period. With Chapter 13, you don’t have to worry about liquidating your assets and often get to keep everything you own.
Instead of going in blind, with the expertise of Kindlund Legal LLC on your side, you can learn about what type of chapter you should file and why it’s the most strategic choice.
Protect Your Credit Score Or Save Your Small Business
Unrepresented individuals may find the bankruptcy process more difficult, as certain types of bankruptcies can negatively impact one’s credit score. However, with the help of a debt consolidation lawyer, it is possible to navigate this complex process successfully. Thus, consulting an attorney before taking action is essential to avoid unintentionally damaging your credit.
People and businesses near West Bethesda, MD, may go into debt or file for bankruptcy for many reasons. Maybe the COVID-19 pandemic has hit your business or employment prospects hard. Or perhaps you’ve racked up unexpected expenses, like medical bills, that have put you in a tough financial spot. Whatever the case, our Kindlund Legal LLC debt negotiation attorney can help you protect yourself and explore all your legal options.
A Client-Focused Approach
Kindlund Legal LLC is committed to providing our clients with personalized attention and care. We understand that every financial situation is unique, and we take the time to get to know each of our clients to provide them with the best possible service. We have 30 years of experience in bankruptcy law and have come to appreciate the value of avoiding standardized bankruptcy planning methods. Large practices often use these methods that advertise low-cost, low-experience lawyers who provide low-quality service. Instead of this, at Kindlund Legal LLC, you’ll get an individualized consultation because we recognize the uniqueness of each case.
When you’re over your head with debt, it can feel like there’s nowhere to turn. But there is hope. Our credit card debt relief lawyer can help you find a way out of debt and protect your assets using all legal means available. Call us today at our West Bethesda office for a free initial consultation. We’ll work with you to create a plan that fits your unique situation, and we won’t rest until you’re on the path to financial freedom.