When debt becomes to big, it can be pretty stressful for a person to handle. Debt comes in many different forms and for different reasons, but almost always results in a great deal of stress for the debtor. When a person has done all they can to overcome their debt, it is vital they seek help from a chapter 7 bankruptcy lawyer in Rockville, MD.
Qualifications for Chapter 7
Before a person can be approved for bankruptcy, there are a few requirements they must meet. Meeting with a chapter 7 bankruptcy lawyer in Rockville, MD will allow a person to learn if they are a good candidate for this type of bankruptcy:
- The applicant must have an income that is below the state of Maryland’s median income.
- The applicant needs to primarily have consumer debt and not business-related debt.
- The majority of the debt should be unsecured, such as credit card and medical debt.
What Is Involved in Chapter 7 Bankruptcy?
When a person passes the mean’s test, which is used to check their disposable income, they will be able to pursue help from a chapter 7 bankruptcy lawyer in Rockville, MD. They can help a person through the process of dealing with the liquidation that must take place to pay off the debts they owe.
Although a person can likely keep their home, furniture, clothing, and car, they will lose their savings, investment accounts, and valuable keepsakes. Working with a lawyer can help protect a person’s property from the liquidation process so they can retain as much as possible.
The entire process is generally settled within six months, depending on how much a person owes and how much property they have available for liquidation. A third-party trustee will be placed over the bankruptcy and the lawyer will help their client work directly with this person.
If you feel as if you are drowning in debt and would like legal help, visit website. Here, you can learn more about your bankruptcy options and how a lawyer can help you through the process. Call the office right away if you would like to schedule an appointment.
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