If you are like the many Baltimore residents who are facing foreclosure or vehicle repossession because your debts have gotten out of your control, a bankruptcy lawyer may be able to help. It can be difficult to make clear decisions when creditors are consistently calling and sending letters to your home demanding money that you don’t have. By working with bankruptcy lawyers in Baltimore, you may be able to stop the harassment while you decide how to handle your debt situation.
Under bankruptcy law, creditors must stop contacting you as soon as you file for bankruptcy protection. This includes all of your creditors, including credit card companies, mortgage lenders, auto loan companies and collection agencies. Your lawyer will explain how the entire bankruptcy process works and may walk you through the process to ensure that you get the maximum protection under the law.
Your lawyer will review your entire financial situation to help you decide whether bankruptcy is the best option for you. You will need to provide statements from all of your creditors, a listing of all of your assets and your tax returns for the past few years. Based on your income and assets, your lawyer will tell you whether you qualify for Chapter 7 or Chapter 13 bankruptcy protection.
With the calls and letters ceased, you can decide how to handle your debts without creditor harassment. If you decide to file for bankruptcy protection, creditors will be prohibited from taking any further collection action against you, including filing lawsuits. If you have assets, you may be required to sell some of all of your property to pay your debts.
The federal bankruptcy code allows people in your situation to retain some assets. Some clothing, furniture, some automobiles, life insurance policies and a portion of your earnings may be exempted. Your bankruptcy lawyers in Baltimore can explain to you which assets you may be able to keep and which ones you will be required to liquidate. After your bankruptcy is discharged, you can start over without losing all of the things you worked so hard to attain over your lifetime.
