Obtain Relief From Bills | Stop Creditors In Their Tracks

Bankruptcy can help give honest people a fresh start in life. This can free them from burdensome debt that is not their fault. Facing a loss of employment, sudden illness, family issues and financial mismanagement are some common reasons people may start to be overwhelmed by bills. When this happens, you will likely deal with creditors aggressively attempting to get money from you.

These collection attempts often include foreclosure, repossession, lawsuits and wage garnishments. It can also include embarrassing and harassing telephone calls. If things seem hopeless, there is good news for you. There are methods to legally stop all collection attempts and protect your property while obtaining relief from bills. This is where the Law Office of Marco V. Rodriguez, LLC, can help you.

The Bankruptcy Process

When you file for bankruptcy, an "automatic stay" will take place and prohibit any collection action. While you are in bankruptcy, you are considered the debtor. By having this "stay" in place, your home cannot be foreclosed on. You also cannot have your car repossessed, garnishments must stop, and creditors must stop harassing you.

There are laws in place ensuring you will not lose any property during bankruptcy. However, while in bankruptcy, you need to make your car payments and mortgage. If you do not make the payments, then these items can be taken away.

Types Of Bankruptcy Relief

There are two different types, or chapters, of bankruptcy available to consumer debtors. Chapter 7 is a liquidation bankruptcy, and Chapter 13 is a reorganization bankruptcy.

Chapter 7

The Chapter 7 bankruptcy helps when you cannot realistically pay a significant portion of debt within a reasonable time. It makes most, but not all, debts disappear without paying anything to creditors.

Chapter 13

A Chapter 13 bankruptcy involves a payment plan whereby you pay all or a portion of debt through a court-appointed trustee over a period of time, usually three to five years. It is helpful if you need to catch up on missed mortgage and car payments. A Chapter 13 bankruptcy can be an extremely flexible and useful way to deal with debt problems.

Bankruptcy For Businesses

Chapter 11 bankruptcy can be helpful for businesses with significant debt. It allows the company to create a financial plan that shows a profit after claiming bankruptcy. This can include plans for new income or ways to trim company expenses. It can also require business reorganization and staffing decisions.

We Can Help You Look Toward The Future

Filing bankruptcy does not mean you will never have a good credit rating again. The bankruptcy will appear on your credit report for seven to 10 years, but often, is essential to rebuilding your credit score.

When bankruptcy discharges your debts, you have a clean slate. This can give you an opportunity to prove your creditworthiness. Some steps will make it possible to re-establish proper credit — and it can happen reasonably quickly. Contact our lawyers to discuss these steps at your initial consultation. It is possible to get credit cards and buy a house or car after filing bankruptcy.

If you think that bankruptcy may be necessary for you and you live in Maryland, contact us right away. We may be able to help you get debt relief via other solutions. We can also assist clients with foreclosure defense, debt relief and loan modifications. We know that creditors only care about collecting money. They certainly do not care about what is best for your situation — you need someone in your corner who knows how to help.

Call 240-627-6253 or fill out the quick online form for your bankruptcy consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.