There are many reasons people end up needing to file for bankruptcy. When a person is dealing with more debt than they can handle, it can become difficult to know whom to turn to for help. Seeing an attorney can help a person overcome their debts and stop the harassment of collections. Through this information, more can be learned about Chapter 7 bankruptcy in Baltimore, MD. So people can decide whether this option is for them.
When a person has mostly unsecured debt, they may apply for Chapter 7 bankruptcy in Baltimore, MD. This type of bankruptcy allows a person to settle their debt in as little as six months. The first step in the process involves a person bringing in information on the debts they owe, their income, and any assets they own. This allows the attorney to review the person’s financial records so a decision can be made on whether this type of bankruptcy will be beneficial.
In this type of bankruptcy, the applicant must pass a means test. This type of testing ensures their income does not exceed the median income for their area. If the income test is passed, a trustee is placed over the case. It is the trustee’s responsibility to work towards settling debt as quickly as possible. The first step in the process is to liquidate any non-essential property. Essential property cannot be sold. This includes a residential home, car, furniture, and clothing.
Many people do not own any property that is considered non-essential. In cases such as these, the trustee can absolve the person’s debts, so they are forgiven. This allows them to be free of their debt so they can secure a brighter financial future for themselves.
Seeking Chapter 7 bankruptcy in Baltimore, MD. can be beneficial in many ways. Those who need help with their debts can find it by contacting Christman & Fascetta LLC. They can help stop the bill collectors so debt can be overcome. For more information, call and schedule a consultation appointment right away. This will allow you to learn if chapter 7 is an option for you.