Which Chapter Should You File?
If you find that bankruptcy is the best solution for you, the next step is to discover which chapter you should file.
- Chapter 7: This form of bankruptcy involves liquidating your assets and using the money to pay your creditors. As long as you remain current with the payments on the assets you want to keep, like your home or car, you may be able to maintain ownership of them.
- Chapter 13: This process is more of a reorganization of debt. When you file for Chapter 13, you’ll pay off your debts over a period of up to five years, and still maintain ownership of your property and possessions. However, the court must approve your repayment plan and your monthly budget.
Get the Personalized Advice You Deserve
If you are considering filing for bankruptcy, turn to a firm where you’ll be treated like family. Turn to us. At Atkinson Law, we deliver professional guidance with a personal touch. Our attorneys dedicate the time and attention necessary to gain a full picture of all the assets you own, including material possessions. Yes—that house in Aruba does, in fact, qualify as an asset, even though it’s out of the country. That full-length mink coat and designer handbag both qualify as assets.
Once we have a comprehensive understanding of your property and possessions, we can provide a recommendation for how you should proceed. Our ultimate goal is to help you secure a ruling that will get you out of debt efficiently and effectively. We may recommend a payment plan to keep you out of court, or we may determine that your best option is a straight bankruptcy. Once we’ve uncovered every aspect of your financial situation, we’ll be able to present a plan backed by meticulous detail.
Schedule a Free Consultation in Baltimore Today
You don’t need to be embarrassed or nervous about your debt. We understand that you may be facing enormous medical bills, you may have lost your job, or you simply might have fallen behind on payments. We’re all human. That’s why we offer a non-judgmental environment and an empathetic ear.
Schedule a free initial consultation with us in Baltimore, Maryland, today to discuss your case. We serve individuals and small businesses throughout Baltimore County, including Towson, Bel Air, White Marsh, and Parkville.