There are many reasons people end up being overwhelmed with debt. Whether you made poor financial decisions, experienced a sickness or injury or lost your job, the debt can often pile up faster than you can pay. When you have done all you can to work with your creditors and are finding it impossible to overcome your debt, you may want to consider speaking with a Bankruptcy Attorney In Silver Spring MD. An attorney can offer you information on the different types of bankruptcy that are available. Through this information, you can make an informed choice on whether or not bankruptcy can benefit your financial situation.
The first step you need to take in dealing with your debts is to contact each creditor and try to work out arrangements. Some creditors may be willing to set up payments for you to pay down your debt. If you find the creditors are not willing to work with you, your next step should be to contact a Bankruptcy Attorney In Silver Spring MD.
There are several key pieces of information you will need to bring with you to your consultation. Your ID, social security card, income statements, debt information and asset information should all be brought with you. This will give the attorney the information needed to help advise you on the route you should take in filing for bankruptcy.
If you are in a hurry to settle your debts and own property you do not mind being auctioned, you may want to file chapter 7. This allows you to settle your debt in as little as six months, by selling some of your property. You are not required to sell any essential property, like your home and car.
If you do not relish the idea of auctioning your property, there is chapter 13. In this option, you will be required to pay a monthly payment through the court. This payment sends a portion of money to each creditor. It takes about two to five years for you to be rid of your debt through this method, depending on your income and what you owe.
If you want to learn more about your options for bankruptcy, contact a Bankruptcy Attorney In Silver Spring MD right away. Through the guidance of a lawyer you can make the financial decisions to free yourself of debt and have a brighter future.