Beltsville, MD Chapter 7 Bankruptcy Attorney

Lawyer Helping You Move Forward With Hope Through Chapter 7 Bankruptcy in Beltsville

Struggling to pay your debts is nothing to be ashamed of; it can happen to anyone. Financial burdens can cause incredible stress as you prioritize payments while trying to feed your family. You may try to make ends meet by getting a personal loan, utilizing credit cards, or even using title or payday loans. If your debts have become truly unmanageable, you may be ready to file for bankruptcy. While many lawyers could technically handle your case, you need one who truly cares and understands the struggles you are facing.

Bloc One Services, LLC is here to provide you with unparalleled legal and financial knowledge, determination to see your struggles end, and dedication to helping you find the best form of debt relief to suit your circumstances. We are proud to offer top-notch legal services at fair prices to people in Beltsville and the surrounding Maryland communities, along with Washington D.C. Attorney Hope Blocton will be by your side, cheering you on as you rebuild your future.

The Benefits of Chapter 7 Bankruptcy in Beltsville, Maryland

You may be wondering if filing for bankruptcy will truly help your situation. Both Chapter 7 and Chapter 13 bankruptcy have advantages and disadvantages. After gaining an understanding of your goals and financial position, Attorney Blocton will help you decide which path to take. Chapter 7 has multiple benefits, which include:

• The Automatic Stay: A court-issued order will restrain creditors from continuing to pursue collection efforts or legal actions against you.
• Total Discharge of Most Unsecured Debts: Not every type of debt is eligible for discharge through bankruptcy. However, the full balances of your eligible debts can be wiped out when the Chapter 7 process is complete.
• Many Assets Are Exempt From Liquidation: Chapter 7 is sometimes called liquidation bankruptcy, because the bankruptcy trustee may seize some of your assets, liquidate them, and distribute the proceeds among your creditors. However, there are several exemptions that will allow you to keep many of your belongings.
• The Process Only Takes a Few Months: Unlike Chapter 13, which generally takes three to five years, Chapter 7 filings can usually be completed in a few months. A shorter timeframe means that you can move on with a clean slate sooner.

Not everyone is eligible for Chapter 7. To qualify, your income must be lower than Maryland's median income. You could still be eligible if your income is higher, but more calculations will need to be made to determine how much disposable income you have after paying your ongoing expenses. Chapter 7 bankruptcy is generally better for people with unsecured debts whose disposable income is not enough to reasonably make their monthly payments. If you are ineligible for Chapter 7, we will help you explore other solutions, which may include Chapter 13 or debt settlement.

Even if some of your debts are not dischargeable through bankruptcy, such as student loans and recent tax obligations, you can still benefit from Chapter 7. You will no longer have to pay your discharged debts, which should significantly improve your cash flow. Having that money freed up can make it easier to make on-time payments.

Any form of bankruptcy can negatively impact your credit score. A Chapter 7 filing will stay on your credit report for 10 years, but its weight can lessen over time. If you are behind on making your monthly payments, your credit score has already been lowered. At least with bankruptcy, you will have a much better opportunity to regain a solid financial footing.

Call Our Beltsville, Maryland Chapter 7 Bankruptcy Lawyer

Chapter 7 bankruptcy may be your best path forward. When you are ready to reclaim your financial future, give Bloc One Services, LLC a call at 240-200-0076. You can also contact us online to set up your appointment for a free consultation.