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Bankruptcy Attorney in Greenbelt, MD: How to File for Bankruptcy

Aug 2

Are you considering filing for bankruptcy? If so, it is important to understand the process and what to expect. Filing for bankruptcy Greenbelt, MD can be a difficult decision, but it may be the best option for you. In this blog post, we will discuss how to file for bankruptcy and what to expect from the process. We will also provide tips on how to get through this difficult time. If you are considering bankruptcy in Greenbelt, MD, please contact our office for a free consultation. We would be happy to answer any questions you have!

What is bankruptcy, and what are the different types of bankruptcy filings?

Bankruptcy is a legal process that provides debt relief to individuals and businesses. There are several different types of bankruptcy, but the two most common are Chapter 13 and Chapter 11. Bankruptcy Law Firm Greenbelt allows individuals to reorganize their debts and repay them over time. Chapter 11 bankruptcy is typically used by businesses to restructure their debts and avoid liquidation. Both types of bankruptcy have their advantages and disadvantages, so it's important to speak with an experienced Bankruptcy Attorney Greenbelt to determine which type is right for you.

How to file for Chapter 7 or Chapter 13 bankruptcy?

When you file for bankruptcy, you will need to choose between Chapter 7 and Chapter 13. In a Chapter 13 bankruptcy, you will reorganize your debts and make payments over a three- to five-year period. In a Chapter seven bankruptcy, your non-exempt assets will be liquidated in order to pay off your creditors. You will need to consult with an experienced bankruptcy attorney in Greenbelt, MD, to determine which type of bankruptcy is right for you.

What happens after you file for bankruptcy?

After you file for bankruptcy, the court will issue an order called the "automatic stay." The automatic stay stops creditors in Greenbelt Bankruptcy Law Firm from trying to collect on debts. It also stops foreclosure proceedings and repossession actions. The automatic stay is in effect until your bankruptcy case is over. If you want to keep a certain property after you file for bankruptcy, you will need to reaffirm the debt.

How to rebuild your credit after filing for bankruptcy?

After you have filed for bankruptcy, it is important to begin the process of rebuilding your credit. This can be done by obtaining a secured credit card or by becoming an authorized user on someone else's credit card. You can also begin the process of rebuilding your credit by paying all of your bills on time and maintaining a good payment history. Additionally Greenbelt Bankruptcy Law Firm, you should avoid opening new lines of credit and only use credit when absolutely necessary. By following these steps, you can begin to rebuild your credit score and improve your financial situation.

The Phillips Law Offices
6301 Ivy Ln #700, Greenbelt, MD 20770
(301) 494-4250