Fulton, MD Bankruptcy Attorneys

Knowledgeable Bankruptcy Lawyers for Families and Businesses Struggling With Debt in Fulton, Maryland

In our more than 50 combined years of legal experience, the team at Law Offices of Marc A. Ominsky, LLC has seen numerous people and businesses go through bankruptcies. Good financial planning or above-average business skills cannot always protect you from unexpected hardships. A person can lose a job, be faced with unaffordable medical bills after an emergency, or even have a crisis such as a house fire that leads to financial hardship. Successful companies can be affected by a recession, rendered obsolete by rapidly changing technology, or become caught up in costly litigation.

Both small business owners and individuals can be affected by unfair lending practices that lead to a cycle of debt. Fortunately, bankruptcy can provide a way out of debt. Although the process is not always easy, the end result of a successful bankruptcy is relief from dischargeable debts.

Law Offices of Marc A. Ominsky, LLC is committed to helping people and businesses receive relief from insurmountable debt through bankruptcy. We will start by evaluating your case and helping you determine which type of bankruptcy to file, and we will continue guiding you until your bankruptcy case is complete. If you choose Chapter 7 bankruptcy, we will work to exempt as much of your assets as possible from liquidation. If you choose Chapter 13, we will advocate for the most reasonable and manageable repayment plan possible. Our hands-on Fulton, MD bankruptcy lawyers can help you in real time when you reach out to us.

Knowing When it Is Time to File for Bankruptcy

Generally, you may want to consider bankruptcy when the monthly payments your creditors demand are higher than the amount of money you have left over after meeting your reasonable needs. Businesses may consider bankruptcy when they cannot cover their operating expenses while also repaying their debts.

If you miss one or two monthly payments on a debt, you will likely be faced with interest and fees. Your creditor might expect a higher monthly payment in the future as a result. If you cannot make a higher payment, you can easily become trapped in a cycle where you are never current on your payments, and your balance keeps going up. Bankruptcy can help you break this cycle.

You may also want to consider filing for bankruptcy if:

• You Need to Protect a Security Clearance: If your financial life has been very turbulent, filing for bankruptcy can show that you are taking control of the situation and trying to pay back your debt.
• You Are Disabled and Have Student Loans: If you became permanently disabled after taking on student loan debt, you may be able to discharge your student loans in bankruptcy.
• You Are Closing a Failing Business: Many companies that go out of business file for Chapter 7 bankruptcy. Liquidating your company's assets to pay back as much of its debt as possible can help you close down smoothly and move on.
• You Are Trying to Save a Struggling Business: If your business has had some recent setbacks, but you can show that it is likely to recover if given the chance, Chapter 11 bankruptcy can help you stay open while reorganizing your debt.
• You Are Getting Divorced and Have High Marital Debt: Financial difficulties can put a lot of strain on a marriage, and these issues can even lead to divorce. If you and your spouse have a lot of shared debt, there are a lot of benefits to filing for bankruptcy around the time you get divorced. Chapter 7 bankruptcy can simplify marital asset and debt division in a divorce. Chapter 13 bankruptcy filed after divorce can help you keep your monthly payments manageable while you are starting a new chapter of your life.
• You Are Facing Foreclosure: Filing for bankruptcy will automatically halt an impending foreclosure until the bankruptcy is resolved. Chapter 13 bankruptcy can allow you time to catch up on mortgage payments through a repayment plan, helping you keep your home.

Contact Our Fulton, MD Bankruptcy Lawyers

Law Offices of Marc A. Ominsky, LLC is highly experienced in guiding people and businesses through bankruptcy in a wide variety of situations. Our strategic Fulton bankruptcy attorneys can handle highly complex bankruptcy situations with confidence. Contact us at 443-539-8712 for a complimentary consultation.