Find a Bankruptcy Lawyer in Dundalk, Maryland

Find the right Bankruptcy attorney in Dundalk, MD

In Dundalk, Maryland, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally absolved, when they are unable to pay them. This hopefully allows them to start 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 honestly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a severely 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 seasoned bankruptcy lawyer in Dundalk, 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 particular case, the counsel of a Dundalk bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Dundalk, Maryland

There are 3 bankruptcy options that are commonly used in Dundalk: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Dundalk, Maryland are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the proceeds from the sale to pay down as much debt as possible. Once the sale is fulfilled, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the entire amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

The other form of bankruptcy most often used in Dundalk is Chapter 13. It allows a person to pay off their debt over a prolonged 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 gradually 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 almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.

A main advantage of Chapter 11 bankruptcy is that businesses can continue their operations while going through the process. Also, they can continue to buy and sell their stock.

How Can a Dundalk Bankruptcy Lawyer Help?

Filing for bankruptcy in Dundalk is a very important decision, and should not be made lightly. Before filing, one should consult with a good Dundalk bankruptcy attorney for help.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Dundalk

Dundalk, Maryland is a community situated in Baltimore County. It has a population of over 62,000 people. It is a major suburb of Baltimore, and one of the largest unincorporated communities in Maryland.

It is named after the town of Dundalk, Ireland. The name was given to the community by Henry McShane, who established the McShane Bell Foundry in the city, and hailed from Dundalk, Ireland. The McShane Foundry manufactured large church bells, and was one of the first major industrial concerns in the area.

Dundalk, Maryland's general look benefits from the presence of many beautiful historic buildings. Its climate, like the rest of its region, is humid and sub-tropical, which means it has hot and humid summers, but pleasant springs and falls, along with relatively mild winters. Its low elevation and location next to the Chesapeake Bay give it a much milder climate than many nearby areas.

For those who work in or near Baltimore, Dundalk is a good place to live, allowing residents to enjoy the "small town" feel of the local community, while giving them easy access to a major city, and all of the benefits that entails, such as jobs and amenities.

There are many Dundalk, Maryland lawyers who can help you with whatever legal problem you might have. If you are facing any type of legal issue, large or small, a Dundalk, Maryland lawyer can help.

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