Your finances can take a hit due to circumstances beyond your control. No matter how careful you have been with your money, there might be circumstances or situations where it becomes necessary to file for bankruptcy. You might take this step to prevent your possessions been taken over by creditors or simply put a stop to communications from accredited.

1. Bankruptcy Law Firm in Maryland –Bankruptcy Law Firm in Maryland –
Helping You File for BankruptcyHelping You File for Bankruptcy

2. • Your finances can take a hit due to
circumstances beyond your control. No
matter how careful you have been with
your money, there might be
circumstances or situations where it
becomes necessary to file for
bankruptcy. You might take this step to
prevent your possessions been taken
over by creditors or simply put a stop to
communications from accredited.
• However, for the layman, filing for
bankruptcy is not always an easy
process. There are certain qualifications
that you must meet before you can
expect your claim under the bankruptcy
laws to be accepted. There are also
certain requirements that you must
meet. To understand all the details
related to filing for bankruptcy you
would need the help of bankruptcy law
firm in Maryland.

3. • A bankruptcy law firm in Maryland will help
you understand where you stand, in the eyes
of the law, and how much leniency you can
expect when it comes to the debt situation.
First of all, the bankruptcy law for Maryland
will help you figure out if you qualify for
filing for bankruptcy. Some of the things they
would explain to you are detailed below.

4. Chapter 7 vs chapter 13Chapter 7 vs chapter 13
• There are basically three types of rules
under which you get to file for
bankruptcy. Individuals generally use
chapter 7 or Chapter 11 while businesses
use chapter 13. Note that this is not a
hard and fast rule and depending on your
financial situation, you would need to file
for bankruptcy under a separate or a
different category. Your lawyer will
explain to you the pros and cons of each
type of rule and things such as
exemptions.

5. Doing the paperworkDoing the paperwork
• Paperwork is one of the most tedious
things when you want to file for
bankruptcy. For many people
understanding paperwork is a difficult
process, particularly when they are
already under a lot of stress owing to
their financial situation and calls from
creditors. Also, by filing incorrect
paperwork, your application might not
be considered at all. Or, you might be
penalized for not having disclosed
everything that is required about your
financial situation and the debt burden.

6. • This is why it is a good idea to work with
an experienced attorney who can help
you file the paperwork correctly, because
this is the first step towards getting a
favorable hearing.

7. Getting the details on yourGetting the details on your
financial situationfinancial situation
• This is where you will have to closely co-
operate with your attorney. You will
need to gather proof of your income,
assets, and other financial dealings. You
would also need to provide details
regarding your debts. Your lawyer will
explain to you the type of documents
that might be needed for filing for
bankruptcy.

8. Chapter 13 bankruptcyChapter 13 bankruptcy
• If you are filing for bankruptcy under
chapter 13 of the bankruptcy code you
might be required to also offer a plan for
clearing your debts. When filing for
bankruptcy, you will want to have a plan
ready that is well thought out and viable.
This is where you will need to work with
bankruptcy attorney well versed in state
laws regarding chapter 13. You would
need to figure out your expenses, and
what you can afford to repay, when it
comes to your debts. Also, if you have
more than one creditor, you might have
to think about how to repay all of them
or how much to repay each creditor.
Note that many liabilities are not
exempt. Therefore you might be required
to clear these dues, which will include
things such as maintenance for family,
and old taxes.

9. • You would also have to ensure that the
dates are cleared according to the plan.
This might include monthly payments
that go towards the clearing of a debt,
through the settled plan. For getting a
favorable hearing, and clearing debts in a
timely manner, you would need to turn
to competent bankruptcy lawyers in
Maryland.

10. Law Office Of Rowena
N.Nelson,LLC
1801 McCormick Drive Suite
150
Largo Maryland, 20774
Office - 301.358.3271
Fax - 877.728.7744