There are solutions to almost all financial problems no matter how serious and unmanageable they might seem at first. Falling prey to an especially difficult financial situation, of course, will generally require the use of correspondingly involved and significant tools if things are to be improved.
For some debtors, that means looking into bankruptcy, but many are put off by the apparent finality of the chapter 7 form of protection. Many people in the area who find themselves facing serious financial difficulties, however, would do well to speak to a chapter 13 bankruptcy lawyer in Frederick, instead.
Chapter 13 Bankruptcy Is the Right Answer for Many Debtors
Filing for chapter 7 bankruptcy protection means asking the court to essentially wipe the slate clean. In exchange, many assets possessed by a debtor will normally be liquidated, and the proceeds used to partially compensate creditors.
That inherently disruptive approach can make sense in certain situations, but it is not the only option. Debtors can also pursue a form of bankruptcy detailed under chapter 13 of the relevant federal statutes. Under this type of bankruptcy protection, the court intervenes as an intermediary empowered to work out a payment plan binding on the debtor and all creditors.
Consulting a chapter 13 bankruptcy lawyer in Frederick will reveal whether this option might be worth pursuing in any particular case. Generally speaking, it will be necessary to have either a steady source of income at the time of filing or significant prospects for earning money.
One advantage of this type of bankruptcy for many debtors is that it does not require the liquidation of assets. Especially for those who rely on personally owned tools and equipment to make a living, that can easily be one of the most important related facts of all.
Area Attorneys Are Ready to Help Locals Work Through a Complicated Process
Visit us and it will be seen that there will never be a need to try to navigate the bankruptcy system alone. Skilled, experienced attorneys are prepared to make sure their clients will receive all the assistance and breathing room they need. That can easily end up being the most important step toward a life finally free and clear of debt.