So you have decided to file for bankruptcy. You might be tempted to do it on your own; maybe it’s your self confidence or financial constraint. However, it is a bad idea … to skip calling a lawyer and filing on your own. You deprive yourself of various benefits that hiring lawyers in Maryland can offer you.

 

Assessment of options

Are you sure your decision to go bankrupt is right? What chapter of bankruptcy do you wish to file under? Who can give you accurate answers to these questions? A bankruptcy lawyer, of course!

 

Bankruptcy features two chapters – Chapter 7 and Chapter 13

• Under Chapter 7, you may liquidate some of your personal assets and repay your debt.

• Under Chapter 13, you re-structure your debt repayment plan.

 

Your present financial status and long-term objectives will determine which chapter suits your case. Your lawyer can give you the best advice after evaluating your assets, debts, income, and expenses.

 

Successful filing

The US Bankruptcy Court can dismiss or deny your bankruptcy petition in case of errors or omissions. Your petition can also get dismissed, if you fail to appear at one of the hearings or meeting of creditors. Who will tell you about the significance of hearings and how to fill the forms correctly? Again, a lawyer can do this for you.

 

A good bankruptcy lawyer in MD sees to it that you perform the filing process impeccably. He or she is apt at handling the technicalities of the process. He or she can make the process of filing for bankruptcy less stressful and hassle free.

 

Expectations

Filing for bankruptcy is stressful. It can also be confusing at times, as you do not know what will happen next or what the end result will be. A competent lawyer by your side can inform you about your legal status and what to expect next. He or she clarifies you about tax implications, after effects of bankruptcy on employability and personal credit, and debts that can be discharged.

 

Working with bankruptcy lawyers in Maryland in your case can help avoid misconceptions and give you a clear picture of the case.

 

Even if you are adamant on filing for bankruptcy on your own, it would help you in scheduling an initial consultation with a bankruptcy lawyer in MD. Usually such first meetings are free of charge. Law firms like those of Rowena N. Nelson provide top bankruptcy lawyers. You can contact the firm online.