Elkridge, MD Bankruptcy Attorneys

Skilled Attorneys Guiding Clients Through Business and Personal Bankruptcy in Elkridge, Maryland

Overwhelming debts that lead to bankruptcy can truly happen to anyone. Many families and businesses alike are struggling with insurmountable debt. Even the best-planned business can fail or go through a period where its profits are not enough to support the repayment of business loans. Even a very financially responsible person with a good career can experience an unexpected financial setback, miss a credit card payment, and get caught in an escalating cycle of debt.

If you have reached a point where the monthly payments you owe exceed your disposable income, it may be time to consider bankruptcy as a solution. Bankruptcy does not mean that you are giving up or that you lack responsibility. In fact, both Chapter 7 and Chapter 13 bankruptcy involve paying back as much of your debt as possible. Filing for bankruptcy can be a way of retaking control over your financial life. While your credit score may suffer in the beginning, it is quite possible to rebuild your credit and get into a much more comfortable financial position than the one you were in before your bankruptcy.

Law Offices of Marc A. Ominsky, LLC can guide you through the entire bankruptcy process, from selecting the best chapter to file under to establishing a reasonable repayment plan or protecting your assets from liquidation. Our hands-on Elkridge, MD bankruptcy attorneys are ready to help you in real time. In our more than 50 years of combined legal experience, we have seen countless people and small companies declare bankruptcy for countless different reasons, and we hadve helped them find relief from their debts. We are well-prepared to handle unique bankruptcy situations, such as bankruptcy for security clearance holders and bankruptcy during family law cases.

Bankruptcy for Individuals and Families in Maryland

It can be hard to decide when it is time to file for bankruptcy as an individual or as a married couple. Most people are very reluctant to take this seemingly drastic step. However, those who do go through with a personal bankruptcy often find it to be a huge relief. Calls from debt collectors, foreclosure threats, and demands for payment from creditors will all stop at once.

Whether you should file for bankruptcy using Chapter 7 or Chapter 13 depends on a few factors. If you choose Chapter 7, some of your non-exempt assets may be liquidated to pay your creditors back in part, but the rest of your dischargeable debt will be forgiven, and you will not have to make any more payments. If all or nearly all of your assets are exempt, Chapter 7 may be ideal.

If you use Chapter 13, you will be subject to a repayment plan for the next three to five years. Your monthly payments will be calculated to roughly equal your disposable income. However, your assets will not be liquidated, and it may be easier to rebuild your credit.

Business Bankruptcy

With a business bankruptcy, how you approach your case will largely depend on whether you are permanently closing your business or trying to keep it open during a period of hardship. Businesses that are being dissolved often use liquidation bankruptcy. Chapter 7 can be helpful if your goal is to quickly close down and move on to the next stage in your career without lingering debts or the need to sell off capital yourself.

Chapter 11 is normally used by businesses that are trying to stay open. To complete a reorganization and receive relief from your debts, you will need to be able to show that your company can reliably adhere to a repayment and reorganization plan. If your business is earning enough money to pay its expenses, you will likely qualify for Chapter 11. This type of bankruptcy can be helpful if your business has been successful for some time but has had an unexpected setback that it can recover from.

Contact Our Elkridge Bankruptcy Attorneys

Law Offices of Marc A. Ominsky, LLC is committed to making the bankruptcy process as simple as possible for our clients. Our highly experienced Elkridge, MD bankruptcy lawyers will strive to help you get the relief from debt you need. Contact us at 443-539-8712 for a complimentary consultation.