Consumer Bankruptcy Lawyers in District Heights, Maryland

Find the right Consumer Bankruptcy attorney in District Heights, MD

Bankruptcy is a legal procedure allowing a person or business to have their debts discharged, in part or in whole. It is usually treated as a last resort, because, while it can prevent financial catastrophe, it has some major 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 District Heights, Maryland will have individual rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in District Heights, Maryland

In District Heights, Maryland, there are 2 commonly-used types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This usually includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

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 District Heights, Maryland is not dischargeable, Chapter 7 may not be the best option.

Chapter 13 Bankruptcy in District Heights, Maryland

Chapter 13 Bankruptcy in District Heights, Maryland differs significantly 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 agreements that gave rise to the debt in the first place. This results in a new 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 District Heights, Maryland

Whether Chapter 7 or Chapter 13 is the right choice for you depends heavily on your individual situation. If you have a stable income stream, and a lot of non-exempt property, Chapter 13 might be right for you. If you don't have a stable income, and most of your property is exempt, Chapter 7 might be a better way to go.

In any case, it would be a good idea to consult a local bankruptcy lawyer in District Heights, Maryland. Your lawyer can make an educated judgment as to what your best option is, and advise you accordingly (of course, the choice to file for bankruptcy is ultimately yours).

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Life in District Heights

District Heights, Maryland is a city in Prince George's County, Maryland. Its population is approximately 6,000 people.

District heights is less than 10 miles away from Washington, D.C., making it an excellent place to live for people who work in the nation's capital, which has always had a strong job market, especially for government work.

For example, District Heights, Maryland is directly adjacent to Suitland-Silver Hill, Maryalnd, which is home to the headquarters of the U.S. Census Bureau. The U.S. Census is taken every 10 years, at the beginning of each new decade (1990, 2000, 2010, 2020, etc.), and during this time, it hires hundreds of thousands of temporary workers across the country, which usually causes a small economic boom.

Of course, being near a major city with a large number of both government and private-sector employers, District Heights, Maryland chances are, if you have any marketable skills, you can find more permanent employment.

It shouldn't come as any surprise, then, that there are a lot of lawyers in District Heights, Maryland. A District Heights, Maryland lawyer can probably handle any legal problem that comes their way. If you live in the area, and have a legal issue, a District Heights, Maryland lawyer is the person to call.

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