Things to Consider Before Filing for Bankruptcy
At the law firm of Steven E. Mirsky, LLC, we help people figure out whether bankruptcy’s right for them. Our attorneys know that filing for protection under any chapter of the Bankruptcy Code is a drastic measure that works best when there’s no practical alternative remaining to you. To learn more about our ability to advise you effectively when bankruptcy looks like a realistic option for you, contact any of our three offices in Rockville, Frederick and Laurel.
Call 866-654-2003 for the advice of a seasoned Maryland bankruptcy lawyer
The first thing to consider when thinking about bankruptcy is the limited availability of the discharge, or permanent forgiveness of debt. You get only one discharge in any eight-year period. If you’ve already received a discharge within the last eight years, you won’t get another one this time around, but the immediate benefits of bankruptcy might protect you for a short period from intense creditor pressure.
If like most people you’ve never filed for bankruptcy before, you still need to consider whether now’s the best time to take advantage of your right to a discharge of debts. We’ll help you make your decision based on our experience with such considerations as the following:
- What do you stand to lose if you don’t file for bankruptcy?
- Which debts can you get rid of in Chapter 7 or Chapter 13?
- If you’re facing foreclosure of the mortgage on your home, will we be able to negotiate a satisfactory compromise with your lender?
- How many of your debts are nondischargeable, that is, not eligible for forgiveness in bankruptcy?
- Are any of your assets vulnerable to the claims of your creditors in bankruptcy?
We don’t push people into filing for bankruptcy relief. While bankruptcy is nearly always effective for interrupting such debt collection measures as garnishment, repossession or foreclosure, if your timing isn’t right these benefits might prove to be all too temporary. We’ll help you find the right alternative if bankruptcy is not your best option.
Our experience helps us find the right solution for your situation
For example, older homeowners can usually avoid foreclosure through a reverse mortgage as opposed to a bankruptcy filing. Younger debtors facing garnishment over a few thousand dollars of credit card debt might do better with a credit counseling service rather than using their limited right to a discharge too soon.
Maryland bankruptcy attorney Steve Mirsky has more than 30 years of experience with consumer and small business bankruptcy. For dependable advice about your situation, contact the offices of Steven E. Mirsky for a free consultation.
