There’s no easier way to get rid of a lot of debt than to file for chapter 7 bankruptcy. However, despite the obvious benefits, there are real downsides to taking this action. For these reasons, it’s important to consult with an experienced chapter 7 bankruptcy attorney in Greenbelt prior to filing the documents with court. An attorney can explain the pros and cons of chapter 7 bankruptcy and advise a client if this is the ideal option for solving their debt problems. There are other debt solutions that might be more effective with fewer disadvantages that could make it difficult to get credit in the future.
Even though chapter 7 isn’t the best choice for everyone, it is a great choice for some people. Individuals and married couples that own few assets and don’t have a stable income might benefit the most from this debt relief solution. A chapter 7 bankruptcy attorney in Greenbelt may review a client’s finances and determine if they qualify for chapter 7. Most low-income individuals and couples will qualify for chapter 7 but some choose chapter 13 instead because they want a chance to retain their property. It’s important to think this decision through carefully to avoid unnecessary costs and potential disappointment.
Working with a chapter 7 bankruptcy attorney in Greenbelt offers people who have more debt than they can manage the opportunity to start over and make better financial choices in the future. Although most people don’t get into debt like this by simply over-spending, the lack of an emergency fund often plays a role in their fall from having a sound financial base to being in a bankruptcy attorney’s office. Bankruptcy law now requires everyone who files for debt relief to attend two credit counseling sessions, where they will learn the skills they need to prevent the same thing from happening in the future.
Filing for bankruptcy isn’t an easy decision to make. Anyone who thinks this might be a good solution to their financial predicament should visit we to learn about the process and see how an attorney may be able to help them file the necessary documents to have their unsecured debts discharged.
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