Bowie Chapter 7 Bankruptcy Attorney

Bankruptcy Lawyer for Debt Relief in Bowie, Maryland

If debts have become unmanageable for you and your family, Chapter 7 bankruptcy may provide a solution. By taking steps to eliminate your debts, you can get a fresh start and maintain ongoing financial success. At The Law Office of Donald L. Bell, we can provide the guidance needed to effectively address debt-related issues. We will make sure you will be able to get the most benefits from bankruptcy and receive the relief you need.

What Is Chapter 7 Bankruptcy?

A "liquidation bankruptcy" can provide relief if you cannot repay your debts due to financial hardship. Unlike Chapter 13 bankruptcy, which involves a repayment plan, Chapter 7 will eliminate most unsecured debts, and it may require the liquidation of certain assets. This type of bankruptcy may be the best option if you do not have sufficient income to cover your outstanding obligations and are looking for a fresh start.

What Debts Can Be Discharged in Chapter 7 Bankruptcy?

In a Chapter 7 bankruptcy, you can address various types of debt, including:

• Credit Cards: If you have accumulated significant balances on credit card accounts that you are unable to pay, filing for bankruptcy can eliminate this financial burden.
• Medical Bills: Unexpected medical expenses can quickly lead to insurmountable debt. Chapter 7 bankruptcy allows you to discharge unpaid medical bills, giving you the opportunity to start over without this weight on your finances.
• Personal Loans: Different types of loans that are unsecured and are not backed by collateral may be discharged in Chapter 7 bankruptcy. These may include payday loans, lines of credit, or loans received from a family member or employer.
• Utility Bills: If you have fallen behind on different types of bills, Chapter 7 can discharge past due balances, allowing you to regain control over your household finances without the threat of service disconnection.

Debts That Cannot Be Discharged:

• Student Loans: Generally, student loans are not dischargeable through Chapter 7 bankruptcy unless you can demonstrate undue hardship, which is a difficult standard to meet.
• Child Support and Alimony: Domestic support obligations are not dischargeable, and they must continue to be paid during and after a bankruptcy filing.
• Taxes: Certain tax debts are non-dischargeable, though there are some exceptions for older income taxes under specific conditions. Our lawyer can review your situation to determine if any of your tax debts may qualify for discharge.
• Secured Debts: If you have debts secured by collateral, such as a mortgage or car loan, you can use Chapter 7 bankruptcy to eliminate your obligation to repay these debts, but the lender will likely repossess or foreclose on the collateral.

Benefits of Chapter 7 Bankruptcy

Chapter 7 bankruptcy may provide numerous benefits if you are facing overwhelming financial difficulties. Some of the key advantages include:

• Immediate Relief from Creditors: Once your bankruptcy petition is filed, an automatic stay will take effect. This stay will require creditors to stop collection efforts, including wage garnishments, repossessions, foreclosure proceedings, or contacting you in any way to attempt to collect payments.
• Debt Discharge: The most significant benefit of Chapter 7 bankruptcy is the discharge of unsecured debts. By eliminating these debts, you can receive a fresh financial start.
• Speed of the Process: Compared to other forms of bankruptcy, Chapter 7 is relatively quick. Most cases can be completed within three to six months, allowing you to move forward with your life after discharging your debts.
• Protection of Assets: While some assets may be subject to liquidation, many are protected through exemptions. You will most likely be able to retain essential property while eliminating unsecured debt.
• Rebuilding Credit: Although a bankruptcy filing will impact your credit score in the short term, eliminating debt can provide the foundation for rebuilding your credit. With no outstanding debt obligations, you can begin improving your credit score.

Contact Our Bowie Chapter 7 Bankruptcy Lawyer

If you are facing overwhelming debt and need a fresh start, Chapter 7 bankruptcy may be the solution. The Law Office of Donald L. Bell is here to help guide you through the process and address your debt-related concerns. Contact our office today by calling 301-614-0535 to schedule a free consultation and learn more about how we can help you achieve financial freedom.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.