Types of Bankruptcy

Baltimore Bankruptcy Attorney

For many faced with overwhelming debt, filing for bankruptcy may be the best solution for a new start.It is important to become familiar with types of bankruptcy filings in order to choose the one that is best for your particular situation. Depending on the amount and types of debt you have, your current income and your assets, filing for Chapter 7 may be more advantageous than a Chapter 13 or vice versa.A Baltimore bankruptcy lawyer at the Aylward Law Firm has helped clients make the best choice for their specific case.

Chapter 7 bankruptcy is best if your current income is fairly low or non-steady and if you are willing to part with your assets.In this form of bankruptcy non-exempt assets are liquidated and the funds obtained from their sale are used to pay creditors. Once this occurs, your debts are discharged and you are effectively freed from nearly all liabilities.

In a Chapter 13 bankruptcy filing, an individual’s debts are basically negotiated down rather than forgiven altogether.This method is generally advantageous for those who have valuable assets (cars, a home, etc) that they would like to protect. Creditors agree to a payment plan over a period of 3 to 5 years in which the debtor makes monthly payments. If the payment agreement is adhered to for the full period of time, your qualifying debts will be discharged.

How a Baltimore Bankruptcy Lawyer May Be Able to Help

Either form of bankruptcy filing has very specific qualifications and requirements.Your chances of being approved for a Chapter 7 or Chapter 13 are greatly improved with the help of a Baltimore bankruptcy attorney. Attorney Jillian Aylward has the experience and skill to help clients through a stressful bankruptcy filing and is always dedicated to what is in their best interest. The dedicated legal team at the firm has helped many clients see their way to a brighter financial future.

Contact us to speak to a Baltimore bankruptcy attorney about what type of bankruptcy filing may be best for your financial circumstances!