Find a Bankruptcy Lawyer in Rockville, Maryland

Find the right Bankruptcy attorney in Rockville, MD

In Rockville, 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 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 truly 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 experienced bankruptcy lawyer in Rockville, 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 Rockville bankruptcy attorney cannot be substituted.

Types of Bankruptcy in Rockville, Maryland

There are three basic bankruptcy schemes that are most commonly used in Rockville: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Rockville, Maryland will be roughly the same as it would be anywhere else in the U.S. 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 complete, 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 popular bankruptcy system in Rockville is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the original terms of their agreement with the debtor. Though Chapter 11 bankruptcy can be used by individuals, it is almost exclusively used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be approved by a vote of participating creditors.

While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.

How Can a Rockville Bankruptcy Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Rockville

Rockville is located in Montgomery County, Maryland. It has a population of around 61,209 people. The city is surrounded by Gaithersburg and Bethesda.

Top employers include Westat, Human Genome Sciences, Wolpoff Abramson, Booz Allen Hamilton, Lockheed Martin Information Systems, United States Pharmacopeia, J. Craig Venter Institute, BioReliance, and Banner Life.

Some popular attactions include Glenview Mansion, Rockville Mall, and The Music Center at Strathmore.

Many attorneys have established small law offices in Rockville in order to tend to the legal needs or residents, small businesses, and neighboring cities.

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