Consumer Bankruptcy Lawyers in Bethesda, Maryland

Find the right Consumer Bankruptcy attorney in Bethesda, MD

Bankruptcy is a legal procedure allowing a person or business to have their debts excused, in part or in whole. It is typically treated as a last resort, because, while it can prevent financial catastrophe, it has some influential long-term consequences. This warrants careful consideration of the costs and benefits. Being a creation of federal law, bankruptcy will go through federal courts. Accordingly, the process for filing for bankruptcy in Maryland is essentially the same as the process anywhere else in the United States. However, particular courts in Bethesda, Maryland will have distinct rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Bethesda, Maryland

There are 2 typical forms of consumer bankruptcies in Bethesda, Maryland: Chapter 7 and Chapter 13 bankruptcy. Chapter 7 states that a certain percentage of the debtor's property be liquidated to pay off at least a small part of their debt. However, many forms of property are exempt, and do not need to be liquidated, such as cars, homes, insurance policies, and retirement accounts.

Once the non-exempt property is sold, the rest of the dischargeable debt is cleared. Some forms of debt, however, is non-dischargeable, including student loans, criminal fines, and others. If most of your debt in Bethesda, Maryland is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in Bethesda, Maryland

Chapter 13 Bankruptcy in Bethesda, Maryland differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 bankruptcy does not discharge debt. Instead, it restructures it. This involves the bankruptcy court coming up with a new payment plan that supersedes the terms of the arrangements that gave rise to the debt in the first place. This results in a adjusted payment plan that the debtor should find manageable, if he or she can make a few sacrifices.

Which Type of Consumer Bankruptcy Should I File in Bethesda, Maryland

Chapter 13 is typically a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

In any case, you should talk with a local Bethesda, Maryland bankruptcy lawyer. Your lawyer can advise you of your options and inform you of their likely result. This will make it much easier for your to make an informed choice.

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Life in Bethesda

Bethesda is located in Montgomery County, Maryland. It is northwest of Washington D.C. The city was named after a local church--the Bethesda Meeting House. It is known as one of Maryland's most affluent and highly educated communities. In facts, Forbes Magazine listed it first in "America's Most Educated Small Towns."

Two popular sites include The National Institute of Health and the National Naval Medical Center Other attractions include Capital Crescent Trail, Burning Tree Club, and Bethesda Avenue.

Large corporations that have a presence in Bethesda include American Capital, AREVA, Inc., Cambridge Information Group, Coventry Health Care, GetWellNetwork, HMSHost, Honest Tea, Host Hotels Resorts, Iridium Satellite LLC, Lockheed Martin, Marriott International, Ritz Carlton, and the United States Enrichment Corporation. Although not large, the legal industry does have a presence in Bethesda as well because the city is home to attorneys who practice in various fields of law.

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