3 Questions About Bankruptcy

If you have been considering bankruptcy, you are not alone. In fact, thousands of Americans file for bankruptcy every year. Although there are still some persisting myths out there about bankruptcy, it is a constitutional right of every United States consumer. In addition, it offers many individuals the opportunity to positively reorganize their finances, and in many cases, start over.

With that said, many people approach the process of bankruptcy with many questions. Given some of the lingering stigmas and falsehoods out there, sometimes people fear the subject. If this sounds familiar, this article can help. Use this information as a guide to help you in your search for a bankruptcy lawyer Rockville MD.

1. Do I Have To Give Up My Assets?

One of the biggest worries that many people have concerns their existing possessions and assets. A common question that bankruptcy lawyers hear is, “Do I have to give up my assets?” The answer is that it depends on the total value of your assets. No matter what, you will not have to give up everything you own. You might have to let go of some assets, but many people do not.

2. Do I Qualify for Chapter 7?

Whether or not you qualify for Chapter 7 comes down to your income. Qualifications follow both state poverty lines as well as the federal one. To find out if you meet Chapter 7 qualifications for your location, check your local state laws.

3. Should I File for Chapter 7 or Chapter 13?

This is another situation where the best route depends on your unique circumstances. With bankruptcy, there is no “right” answer; rather, there are some answers that work better for some cases and other options that work better for others. Legal assistance can be helpful.

See also  Working with Local Divorce Attorneys in Lacey

At the end of the day, bankruptcy is your legal right and it is a process that can help you start over. Do not hesitate to ask questions, but do not allow common myths to scare you away from filing, either.