Every year thousands of people suffer the consequences of going into debt. Repossessions and foreclosures sometimes occur due to debtors not being able to pay their bills. When a person is forced to decide between paying their bills or putting food on the table, a qualified Bankruptcy Attorney in MD can be consulted to see what legal options are available. This professional can help a person decide if filing for this legal status is the right move.
Most people do not realize that the bankruptcy process is very complicated and in depth. This action allows people to make a fresh financial start in life by making a schedule to repay their debts over a period of time or by liquidating some or all of their assets to pay their creditors. The three main chapters of the Bankruptcy Code are Chapter 7, Chapter 11, and Chapter 13. This law was enacted in 1978 to make bankruptcy proceedings fair and uniform in nature. The Bankruptcy Code and the Bankruptcy rules dictate how cases are carried out. These laws also outline who qualifies for bankruptcy and how to deal with fraud.
Much of a bankruptcy case is administrative in nature and takes place away from the courthouse. A United States bankruptcy judge will appoint a trustee to oversee a case. In fact, a debt’s involvement with his case if very limited. A competent Bankruptcy Attorney In MD should inform his client of when he will need to be in court and what forms he needs to fill out. These forms will need authentic documentation that can be verified. Seeing an attorney for an initial consultation is the first step in filing for bankruptcy. You will need to bring all of your information with you. Make sure it’s organized and simplified to save time.
Article I, Section 8, of the United States Constitution authorizes Congress to make laws regarding bankruptcy to help citizens that are overwhelmed with debt. This part of the Constitution has been the basis for national and local laws being ratified. An experienced attorney should be able to assist you with all aspects of your case.
