Takoma Park, Maryland Chapter 7 Bankruptcy Lawyer

Knowledgeable Bankruptcy Attorney Helping You File Chapter 7 in Takoma Park, MD

Many people today struggle financially, although some may have it harder than others. Trying to pay your mortgage or rent, tax obligations, credit card bills, and loan payments on time can be very challenging when you are short on funds. You may have to prioritize your payments, and caring for your family comes before different types of debt. When you can no longer make ends meet, it may be time to consider bankruptcy.

Choosing Bloc One Services, LLC means you will gain an entire legal team that will be on your side, wanting to see you find the fresh start you need. You will be partnering with a firm and an attorney who will give you quality legal services without overcharging. Hope Blocton understands how distressing life can be when a giant cloud of debt is always hovering over you, so she will help you decide how to tackle it. Whether you choose Chapter 7, Chapter 13, or debt settlement, you will have our unwavering support and skillful legal guidance throughout the process.

Deciding Which Form of Debt Relief Is Best for You

The same debt relief solutions will not work for everyone. People generally have three main options, and Attorney Hope Blocton will work with you to understand your circumstances so she can provide tailored advice. The preliminary work she does includes getting a complete list of your debts and balances, asking about your income and expenses, finding out the specific goals you want to accomplish through debt relief, and addressing any extenuating circumstances that may apply.

Negotiated Debt Settlement

Sometimes, the idea of filing for bankruptcy is just too much, but you may still need relief from a mountain of debts. If you can reasonably expect to repay your debts with some accommodations from your creditors, debt settlement may work best for you. Attorney Blocton will negotiate for things like extended repayment periods, lower monthly payments, and potentially forgiving some of your debt balances.

Chapter 7 Bankruptcy

If you have large amounts of unsecured debts, Chapter 7 may be the most attractive option. Because there is no collateral tied to your unsecured debts, your creditors have limited options to try to force you to pay. The Chapter 7 process typically lasts for around six months. When you file, most of your creditors will be required to stop trying to collect debts. When your case is complete, your eligible unsecured debts will be removed, giving you a clean slate for a fresh start.

You may have to give up some of your belongings if you file for Chapter 7 bankruptcy. However, Maryland offers several exemptions that will allow you to keep specific items.

Chapter 13 Bankruptcy

Both Chapter 7 and Chapter 13 filers benefit from the automatic stay, which prohibits creditors from contacting you or attempting to collect your debt. With Chapter 13, a repayment plan will consolidate your debts and restructure them. You will make a single payment each month for three to five years, with the trustee being responsible for using that money to pay your creditors. When you successfully complete your payments, the remaining balances will be discharged.

Not All Debts Are Dischargeable Through Bankruptcy

Some debts, like student loans, taxes, spousal support, and child support, are ineligible to be discharged through bankruptcy. However, that does not mean you should not file. With a Chapter 7 bankruptcy, you will no longer have to worry about repaying your discharged debts, and you should have additional money in your budget that you can use for non-dischargeable debts.

Contact Our Takoma Park Chapter 7 Bankruptcy Attorney

If you are ready to tackle your debt, Bloc One Services, LLC is the right partner to join your team. We will help you make decisions with confidence that lead toward a fresh start with Hope. Call 240-200-0076 or message us online to book your complimentary consultation today.