Debt can happen to anyone. You might have dealt with unexpected expenses, a random layoff, or an emergency that required the use of multiple credit cards or personal loans. No matter how you got into debt, you may have noticed that the problem is not getting any better. If you want to overcome the situation, but you have thousands of dollars owed to different creditors, speak to a Rockville bankruptcy lawyer to go over some of your options. Filing bankruptcy may be a good decision for you based on your current situation.
Is It Bad to File Bankruptcy?
Some people have the misconception that it is bad to file bankruptcy. While your filing status will appear on your credit report, there is nothing bad about filing for bankruptcy when you have a lot of debt and cannot seem to overcome the issue on your own. A bankruptcy lawyer will go over the filing options that are best for you, such as Chapter 7 or Chapter 13. Depending on which one you choose, you may have your debt erased or be able to get on a payment plan that you can afford where all your debt is consolidated into one lump sum. When you are owing money to many creditors and they keep calling you, trying to arrange payments and get the debt paid off is not easy. By filing bankruptcy, you can get the creditors off your back and get a fresh start.
How Does a Lawyer Help?
The lawyer helps by viewing your financial information, including how much money you are earning, how much debt you have, and how much interest your creditors continue to charge on your accounts. After reviewing everything, the lawyer can talk to you about the filing options, make sure you have a good understanding of the options available to you, and then help with the filing process. Your lawyer can negotiate with creditors and get things to work out in your favor.
When dealing with debt, bankruptcy is a helpful solution. Before you decide to file for bankruptcy, talk to a skilled lawyer who can go over everything with you.