Columbia, MD Bankruptcy Attorney

Experienced Lawyers Helping Individuals and Businesses File for Bankruptcy in Columbia, Maryland

Although you might be dreading bankruptcy, perhaps you should be looking forward to it. If you have been struggling with debt for a long time, filing for bankruptcy can come as a relief. You will no longer have to dodge phone calls from debt collectors or do the math to find out which payments you can afford to make this month.

You will have only one predictable, manageable—and most importantly, temporary—monthly payment if you choose Chapter 13 bankruptcy. If you choose Chapter 7, you will not have to make any more payments towards your dischargeable debts once the legal process is done. While the actual process of filing for bankruptcy might be challenging, it is often well worth it because of the fresh start it will bring.

Law Offices of Marc A. Ominsky, LLC has more than 50 years of combined legal experience helping people through bankruptcies. Our knowledgeable Columbia, MD bankruptcy attorneys will do all we can to make the bankruptcy process go smoothly for you. We are adept at handling even highly complex bankruptcy situations, such as bankruptcy during divorce and bankruptcy with a security clearance. Our hands-on lawyers are ready to help you in real time.

The Benefits of Bankruptcy

The positive aspects of bankruptcy often far outweigh the drawbacks for people who are facing insurmountable debt. Some of the benefits you may enjoy when filing for bankruptcy include:

• The Automatic Stay: As soon as you file for bankruptcy, the court will issue an automatic stay on all debt collection attempts. This means that your creditors must immediately stop calling you and sending you letters demanding repayment. You may be able to stop screening your calls carefully for the first time in many years. If you have been threatened with repossessions, wage garnishment, or lawsuits, these actions will stop immediately.
• Breaking the Cycle of Debt: It is easy to get caught in an endless cycle of debt when you cannot afford to make all of your expected monthly payments every single month. Missed payments can lead to interest and late fees that will prolong the repayment term. If debt repayment is already consuming more than your disposable income, you might be forced to take out more loans to cover emergency expenses. A bankruptcy can help you end this cycle.
• Making Payments Manageable: If you choose Chapter 13 bankruptcy, your monthly payment will be carefully calculated so that you can realistically keep up with it. People who file under Chapter 13 often see their total monthly payments drop significantly.
• Stopping Foreclosure: The automatic stay also applies to foreclosure actions. Filing for Chapter 13 bankruptcy is one of the most effective ways to save your home from foreclosure. If you use Chapter 7 bankruptcy, you may be able to reaffirm your mortgage debt and keep your home if your lender agrees to it.
• Eliminating Medical Debt: If medical bills are your main source of debt, a Chapter 7 bankruptcy can quickly clear this debt away. Anyone can get sick or injured and accrue massive medical bills, even with good health insurance.
• Simplifying Divorce: If you plan to get divorced, filing for bankruptcy first can make dividing your marital assets easier, since it may eliminate most or all of your marital debts. It is often better to file for bankruptcy before filing for divorce for this reason.
• Protecting Your Security Clearance: Being behind on your bills to the point where you are threatened with legal action may reflect negatively on you if you have or want a security clearance. Filing for bankruptcy may be a positive here, as it shows that you are taking control of your financial situation and trying to make repayments.
• Resolving Tax Debts: The IRS can be aggressive in pursuing tax debts. If you owe income taxes from more than three years ago, you may be able to discharge that debt.

Contact Our Columbia, Maryland Bankruptcy Lawyers

Law Offices of Marc A. Ominsky, LLC can help you navigate the bankruptcy process with confidence. Our highly qualified Columbia, MD bankruptcy attorneys will guide you through the entire process, from choosing the right chapter to file under to advising you on how to rebuild your credit afterwards. Contact us at 443-539-8712 for a complimentary consultation.