Find a Bankruptcy Lawyer in Hagerstown, Maryland

Find the right Bankruptcy attorney in Hagerstown, MD

In Hagerstown, Maryland, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally cleared, 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 really 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 veteran bankruptcy lawyer in Hagerstown, 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 distinct case, the counsel of a Hagerstown bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Hagerstown, Maryland

There are 3 bankruptcy tactics that are largely used in Hagerstown: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Hagerstown, 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 property, and use the funds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the appropriate property is sold, and the proceeds directed to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will typically be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other form of bankruptcy most frequently used in Hagerstown is Chapter 13. It allows a person to pay off their debt over a extended 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 generally 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 - typically 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.

During the Chapter 11 process, a business can typically continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Hagerstown Bankruptcy Lawyer Help?

Filing for bankruptcy in Hagerstown is a very important decision, and should not be made easily. Before filing, one should consult with a seasoned Hagerstown bankruptcy attorney for assistance.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Hagerstown

Hagerstown is the county seat of Washington County, located in the state of Maryland. It was founded in 1762 and has a population of about 40,000. It is the sixth largest city in the state and the largest city in the area known as Western Maryland. It is considered to be the industrial and commercial center of the greater Tri-State area, and is therefore locally known as "The Hub City".

Hagerstown received its reputation as a commercial nexus due to its heritage in the transportation industry, namely the railroad and airport industries. As a result today the city has several museums commemorating its rich beginnings, including the Train Museum. The city continues to promote development with the Neighborhoods 1st Program. The program encourages community improvement through participation in local government and planning.

Many unique events draw visitors and tourists throughout the year. For example, the city hosts fairs like Market in the Square, Colonial Family Fun Day, and Augustoberfest. Downtown Hagerstown is an ideal place for shopping, retail and recreation. It is also an excellent site to start a career, as many companies have made their home in the city.

Lawyers in Hagerstown typically practice in a wide range of legal fields and some specialize in particular areas of law. Hagerstown, Maryland lawyers usually file their claims at the Washington County District Court located in Hagerstown.

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