Following the Counsel Offered by Bankruptcy Lawyers in Baltimore
For people who have never felt the crushing weight of being deeply in debt, it is hard to understand how financial problems affect every aspect of life. When there seems to be no way out, getting out of bed in the morning becomes extremely difficult. Rather than let things get that far, it pays to seek out the services of one of the bankruptcy lawyers in Baltimoreand see what can be done. Assessing the Financial Situation of the ClientAll Bankruptcy Lawyers in Baltimore start out by conducting an analysis of the finances of the client. The goal is to determine if the client does in fact qualify for some form of personal bankruptcy. Not everyone understands that bankruptcy is not theirs for the asking.
With both types of bankruptcy, the client must meet the criteria set by current laws. For people who are in dire financial straits but could ultimately repay their bills with some protection from the court, a Chapter 13 will be in order. This approach essentially involves remitting regular payments to the court. From there, the funds are disbursed to creditors based on a payment plan drafted and approved by the court. When the situation is so dire that paying off those debts, even with the protection of the court, is highly unlikely, the individual will likely qualify for a Chapter 7 bankruptcy action. This approach will involve turning over assets that the court deems eligible for sale, and allowing the funds from those assets to be distributed among the creditors. The court will then dismiss any remaining debt, allowing the debtor to be debt free and able to start over.
Providing Advice to the ClientThe bankruptcy lawyer will provide advice for the client every step of the way. It is careful to listen closely to that advice and follow it to the letter. Doing so will make it all the easier to satisfy the requirements of the court and be on the road to financial recovery. There is no need to deal with difficult financial situations alone. Talk with an attorney and see if bankruptcy is a viable option. Working with the lawyer will result in taking off a lot of pressure, and make it possible to once again have the chance to build a sound financial base.