Bankruptcy Lawyer in Easton, MD

Bankruptcy is not a crime

Mounting debt can make you feel like your sinking in quicksand. The more you struggle to get free of bills, the deeper you sink. Filing bankruptcy may not seem like a lifeline, but it's actually designed to give people a second chance.

There are three common types of bankruptcy filings that people make when their debts exceed their income or revenue. Each offers a unique type of financial protection and it's important to have an experienced Maryland bankruptcy attorney to advise you. At George R. Roles Attorney & Counselor at Law, we provide personal service and quality advice about Chapters 7, 11 and 13 bankruptcy that can give you a new lease on life.

Chapter 7

This filing provides people with a fresh start by wiping out debts after using non-exempt assets to pay down creditors. It gives you a shield against garnished wages and the earning you make after filing remain yours. You may also keep items that are exempt from the process, such as automobiles, personal items, retirement accounts and tools of your trade among others.

Chapter 11

Many people refer to this type of filing as "reorganization." Businesses that foresee a financial uptick down the road often present a financial plan to the court that includes selling off certain assets and restructuring the company's debt. It helps business owners keep the doors open until things stabilize.

Chapter 13

In many ways, this a personal type of "reorganization." Debts can be reduced with a court-approved repayment plan. The upside to Chapter 13 is that you may keep property and commonly non-exempt assets. It offers people with financial challenges more time to reconcile debts without having to liquidate assets.

Once the bankruptcy process has been completed, you'll have an opportunity to reestablish good credit, get cards and loans. Many people bounce back sooner than you might expect. But that's exactly the point to going through the legal process. It provides a second chance.

If you are enduring a financial hardship and considering bankruptcy, contact George R. Roles - Attorney & Counselor at Law for a consultation.