Find a Bankruptcy Lawyer in Bowie, Maryland

Find the right Bankruptcy attorney in Bowie, MD

In Bowie, Maryland, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally excused, when they are unable to pay them. This hopefully allows them to begin over with a clean slate and move on, after having learned to better manage their use of credit in the process. However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are truly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a heavily damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Therefore, it is a good idea to talk with an experienced bankruptcy lawyer in Bowie, Maryland. They will be able to advise you on the likely legal and financial consequences of filing for bankruptcy, and help you determine if it's the right option for your. Because this determination depends heavily on the facts of each individual case, the counsel of a Bowie bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Bowie, Maryland

There are 3 bankruptcy schemes that are largely used in Bowie: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Bowie, Maryland are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her assets in order to pay off as much debt as possible. Once the sale of the assets is verified, and the proceeds handed over to the creditors, the debt is perceived as discharged. Liquidation is basically selling assets to the highest bidder. Not all of the debtor's assets will need to be sold, and many types of property are totally or partially exempt, including homes, cars, retirement accounts, and insurance policies. This means that the debtor can keep them. It should be noted that some types of debts are not dischargeable in Chapter 7 bankruptcy, including student loans, criminal fines, taxes, and child support payments. Even when the bankruptcy process is complete, these debts will have to be paid in full.

The other form of bankruptcy most commonly used in Bowie is Chapter 13. It allows a person to pay off their debt over a longer period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while slowly paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.

One advantage of Chapter 11 bankruptcy is that it allows a business going through it to continue operating, and to trade its stock.

How Can a Bowie Bankruptcy Lawyer Help?

The need to weigh all the options and consider the costs and benefits of applying for bankruptcy in Bowie cannot be overstated. If you are considering filing for bankruptcy, it would be a good idea to speak with a Bowie bankruptcy attorney beforehand.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Bowie

Bowie is the largest city in Prince George's County and the fifth most populous in the state of Maryland. The city was founded in 1882 when the Baltimore Potomac Railroad Company began construction of a rail line connecting to southern Maryland. There are over 50,000 residents of Bowie today who enjoy the city's rich history which is displayed at the Huntington Railroad Museum. The museum acts as a welcome center and displays pictures and various Bowie artifacts in the original stations which have been beautifully restored.

Bowie is popular among families and students alike with a plethora of schools including public, private, and institutions of higher learning like Bowie State University. There's a host of lawyers in the city too. Lawyers in Bowie take nearly every kind of case and are familiar with consulting clients in many different areas of law, working with you to decide what's best. Other attractions include the Bowie Baysox, a baseball team. Bowie isn't a notably affluent city but the median income for residents is ,670 and the city boasts that less than 2% of the population is below the poverty line.    

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY

Gotham Light