Upper Marlboro, MD Chapter 7 Bankruptcy Attorney

Debt Relief Lawyer Advocating for You in Upper Marlboro Chapter 7 Bankruptcy Matters

Going to work every day knowing that what you earn will not cover all of your bills can be discouraging. Whether something bad happened or you overextended yourself, facing the reality that your debt has become insurmountable can be overwhelming. You know you desperately need effective debt relief, but you may not be sure what to do. Bankruptcy is a powerful tool that can wipe the slate clean and give you the chance to rebuild your finances and future.

The attorney you choose to help with your bankruptcy case needs to be someone you can trust with your financial situation, someone who you can count on to prioritize your interests and objectives. Bloc One Services, LLC has the focused legal knowledge, financial acumen, skills, and experience you need. Before we make recommendations, we will take the time to understand your circumstances and goals. Only then can we make tailored recommendations. Best of all, our highly effective services do not come with expensive price tags.

Upper Marlboro, Maryland Debt Forgiveness Through Chapter 7 Bankruptcy

However you arrived at your current financial situation, bankruptcy is a powerful tool that can eliminate many of your debt balances. One of the best benefits is the automatic stay that will keep most creditors from attempting to collect debts or taking legal action against you.

Chapter 7 allows you to include all of your eligible debts in your filing. It usually takes around six months to complete the process, at which time those debts will be erased. This option is generally best for people who have several unsecured debts, such as medical bills, personal loans, and credit card balances. Those debts are not tied to any collateral, so there is nothing your creditors can repossess.

Not every type of debt is dischargeable, and you will still be required to pay most student loans, taxes, child support arrears, and unpaid alimony. Even if not all of your debt can be erased, this does not mean that filing for bankruptcy will not be of any benefit.

Suppose your total monthly payments toward your debts are $2,000, with only $400 of that amount going toward non-dischargeable debts. That means when your bankruptcy case is closed, your monthly cash flow will grow by $1,600. Those extra funds should enable you to make the required payments on your remaining balances while giving you more breathing room in your overall budget.

Deciding Whether Chapter 7 Bankruptcy Is Right for You

Although you are definitely not the only one struggling with overwhelming debt, your situation is unique. Hope Blocton will discuss your situation, goals, and options with you thoroughly as she helps you decide what to do.

Not everyone qualifies for Chapter 7. Your income will be compared to Maryland's median income. If you earn more than that limit, a further examination of your expenses and disposable income will be necessary. If you do not qualify or do not believe Chapter 7 is right for you, Chapter 13 bankruptcy or negotiated debt settlement are other options to consider.

Chapter 7 is often called liquidation bankruptcy, because some of your assets may be seized and sold to provide funds to repay some of your creditors. Giving up your belongings can be a scary thought, but there are several items that are exempt from liquidation. Attorney Blocton will help you make the most of those exemptions.

Call Our Upper Marlboro, MD Chapter 7 Bankruptcy Lawyer

When debt relief is no longer an option but a necessity, Bloc One Services, LLC is here to assist you. Call us at 240-200-0076 today to schedule your free 30-minute case review. You can also contact us online. Take back control over your future with effective debt relief through Chapter 7 bankruptcy.