Contrary to the view of some that bankruptcy is a sign of failure, it can actually provide a solution to a difficult problem. Bankruptcy can provide an opportunity for a new beginning in Maryland and a clean slate from which to rebuild a solid financial future. What leads a person to bankruptcy is frequently circumstances completely beyond one’s control. Divorce and medical bills can cause one to incur unanticipated debt.
A couple who are facing divorce may be able to facilitate an equitable settlement through filing for bankruptcy. A couple who has significant consumer debt, that may be difficult for the couple to manage as newly single people, can possibly alleviate the debt through a bankruptcy filing. Freeing themselves from the heavy debt load enables the two to start building a new and more secure financial future. Likewise, bankruptcy could provide relief from extensive medical bills accrued through an unforeseen illness.
People may believe that filing for chapter 7 bankruptcy results in losing all of one’s assets, such as a house, cars and other property. This is not necessarily the case. If a person is not looking for 100% forgiveness of all debts, some assets may be retained while a person continues to pay down certain debts.
If a person feels overwhelmed and totally handicapped by debt, there may be an option. A bankruptcy can provide one with a way out from under crushing debt and give one the opportunity to start over. A lawyer in Maryland who is experienced in bankruptcy law can review one’s specific situation and indicate possible options.