The Law Offices of Sirody & Ruben Bankruptcy Center is a law firm that specializes in bankruptcy law. Our firm serves clients throughout the Baltimore area. Our experienced bankruptcy lawyer in Pikesville, MD can help you navigate the complex bankruptcy process and make the best possible decisions for your financial future. If you are considering filing for bankruptcy, we invite you to contact our office to schedule a consultation. We will work with you to understand your unique situation and determine whether bankruptcy is the right option for you. Our goal is to help you get back on your feet financially and make a fresh start. Contact us today to learn more about how we can help you.
What are the Different Types of Bankruptcy?
When individuals or businesses owe more money than they can repay, they may file for bankruptcy. This is a legal process that allows them to either restructure their debts or discharge them entirely. In the United States, there are three common types of bankruptcy: chapter 7, chapter 11, and chapter 13.
Chapter 7 bankruptcy is also known as liquidation bankruptcy. In this type of bankruptcy, the court appoints a trustee to sell off the debtor’s assets in order to repay creditors. Most chapter 7 bankruptcies are filed by individuals, although businesses can also file.
Chapter 11 bankruptcy is typically used by businesses that want to restructure their debts. In this type of bankruptcy, the business remains operational but must develop a plan to repay its creditors over time. Chapter 11 bankruptcies can be very complex, and our bankruptcy lawyer in Pikesville, MD can help you navigate the process.
Chapter 13 bankruptcy is typically used by individuals who have a regular source of income but need relief from debt payments. In this type of bankruptcy, the debtor proposes a repayment plan to the court and makes payments to creditors over time. Once the debtor has made all of the required payments, any remaining debt is discharged.
What Happens During the Bankruptcy Process?
Bankruptcy is a legal process designed to help debtors who are unable to repay their debts. It is a court-supervised process that allows debtors to either discharge their debts or repay them under the protection of the bankruptcy court. When a debtor files for bankruptcy, their assets are protected from creditors and they are given a fresh start. However, the bankruptcy process is complex and it is important to seek the advice of an experienced bankruptcy lawyer before filing for bankruptcy. An experienced bankruptcy lawyer can help you navigate the bankruptcy process and ensure that your rights are protected. If you are considering filing for bankruptcy, contact our bankruptcy lawyer in Pikesville, MD today.
Where Can I Find a Bankruptcy Lawyer in Pikesville, MD?
The Law Offices of Sirody & Ruben Bankruptcy Center is a full-service law firm that provides legal assistance to individuals and businesses in Pikesville, MD and the surrounding areas. The firm’s bankruptcy lawyer in Pikesville, MD has extensive experience representing clients in Chapter 7 and Chapter 13 bankruptcies, as well as foreclosure moratorium and medical bankruptcy. The Law Offices of Sirody & Ruben Bankruptcy Center is dedicated to helping clients get the fresh start they need, and the firm offers a free consultation to discuss your legal options. Contact us today at 410-847-7249.