College Park, MD Chapter 7 Bankruptcy Attorney

Bankruptcy Lawyer Helping to Discharge Debts Through Chapter 7 Bankruptcy in College Park

Trying to ignore out-of-control debt does not work, but facing a shaky financial position can be very challenging. You may be getting calls from creditors asking for payment as you try to find the funds to pay for your children's meals and the gas you need to drive to work. The stress can weigh you down and seep into every aspect of your life. Debt relief through bankruptcy may be your best option.

In this situation, you need to trust your attorney to provide pinpointed recommendations and knowledgeable legal counsel. Not every lawyer is fully capable of doing this, but Attorney Hope Blocton of Bloc One Services, LLC is. Often called "the people's attorney," she is not here to judge you, but only to help you regain control over your finances. After gaining a good grasp on your debts, assets, and goals, she will help you determine the best debt relief option for your circumstances. If you are looking for a lawyer who is fiercely dedicated to helping you rebuild your future, look no further.

Deciding to File for Chapter 7 Bankruptcy in College Park, Maryland

Many people cringe at the thought of filing for bankruptcy, thinking it would be admitting to a failure. That is far from the truth. Everyone can face financial setbacks, and many Americans seek relief from their debts through bankruptcy. You are not alone if you have mounting debt with no hope of repaying it.

Yes, bankruptcy will make your credit score drop, and it can remain on your credit report for up to a decade. However, late and missed payments will also adversely affect your score. You can continue as you are without a viable plan for how to fulfill all your financial obligations. Alternatively, you can take a temporary hit to your credit score but emerge from bankruptcy with a clean slate and a much better chance of balancing your budget.

Sometimes called liquidation bankruptcy, Chapter 7 may require you to relinquish some of your assets to the bankruptcy trustee. After selling them, the trustee will use the funds to repay some of your creditors. Do not worry that you will lose everything you own. Many of your assets may be exempt. Attorney Blocton will fight hard to help you keep most or all of your belongings, which may include your home, your car, and the tools you need to perform your job to earn an income.

Chapter 7 bankruptcy eliminates your need to repay certain debts. If you do not qualify, you do have other alternatives that you may consider. Chapter 13 bankruptcy usually takes between three and five years to complete, but your creditors will collect at least part of the money you owe if you make the expected payments to the bankruptcy trustee. As another option, you may want to attempt debt settlement negotiations facilitated by your attorney.

College Park Chapter 7 Bankruptcy Benefits

The bankruptcy court will issue an automatic stay order to your creditors after you file a petition for bankruptcy. Your creditors will be prevented from contacting you, pursuing collections, initiating foreclosure or garnishment, or taking other actions against you.

If you have lots of unsecured debt, but your income and situation do not allow you to make on-time payments for all your outstanding debts, Chapter 7 may be right for you. This form of bankruptcy uses a means test to determine your eligibility. If you qualify, your eligible debts will be discharged when your case is completed. That means you will no longer owe those creditors any money. Your cash flow should improve, since you will no longer have to make payments toward those debts, allowing you to restructure your budget from a much better position.

Call Our College Park, Maryland Chapter 7 Bankruptcy Lawyer

When your debt is out of control, it may be time to file for bankruptcy. Call Bloc One Services, LLC at 240-200-0076 to request an appointment for your free case review. You can also contact us online with a confidential message. We are proud to provide unmatched legal services to College Park and the surrounding areas.