Life can bring about sudden changes that can decrease the amount of your income significantly. One of these times may involve the loss of a job or a divorce that has decreased your income. When you have debt to pay that you simply can’t get paid, consider retaining the services of bankruptcy lawyer in Prince Georges County to assist you.
Chapter 7 Bankruptcy
One of the most common types of bankruptcy to select is known as the Chapter 7 bankruptcy. This bankruptcy is for individuals that have problems getting debt paid. By filling out the accurate forms and providing these to your bankruptcy lawyer in Prince Georges County, you will have greater success.
There are three forms that must be completed in order to apply for this bankruptcy. These are listed below to help you in preparation:
1. Annual amount of income the person makes attempting to file for bankruptcy. It is necessary to be able to verify this amount with a past pay stub or W-2.
2. The amount of debt that is owed to each creditor should be listed individually. This will assist you in being able to obtain this amount in your bankruptcy.
3. The amount of your monthly expenses including rent, food and shelter.
A Chapter 7 bankruptcy is commonly used because it allows the person to get results fast. Studies show over 65% of individuals chooses this method for bankruptcy.
Filing a Chapter 13
If you have past debt that you simply can’t get paid in the time you wish to do so, you should consider filing a Chapter 13 bankruptcy. This will allow you to recreate a different loan plan and will assist in getting your debt paid off in the shortest amount of time.
It is important if you are considering doing this to be sure to be currently employed. The requirements for being able to accomplish a Chapter 13 bankruptcy includes having a job and proving you can repay the loan.
Finally, visit here to learn the details of this law firm and how you can schedule an appointment to begin the bankruptcy process. Once you are free of debt you can begin to have a much greater peace of mind.
