Is Chapter 7 bankruptcy a good option for you?

Is Chapter 7 bankruptcy a good option for you?

| May 7, 2021 | Bankruptcy |

Over the course of the past year or so there are many individuals and families in Maryland and throughout the country who find themselves facing difficult financial circumstances. The loss of a job, difficulty paying rent or a mortgage payment and even mounting medical bills are all sources of potential problems when it comes to your financial situation – among many other potential issues. When Maryland residents are facing financial trouble, they start looking for options. So, is Chapter 7 bankruptcy a good option for you?

Well, for some of our readers, the answer to this question is a resounding “yes.” Chapter 7 bankruptcy, also known as “liquidation” bankruptcy, can be the quickest form of bankruptcy to progress through, in many cases. Typically, non-exempt assets will be listed, sold off and the proceeds will be used to pay off outstanding debt. Any debt remaining is then discharged.

Of course, that is just the bare-bones description of how Chapter 7 bankruptcy is supposed to work. Each case is unique. Your financial situation may be different, but exploring the potential pros and cons of Chapter 7 bankruptcy can be useful for many Maryland residents.

Helping with bankruptcy options

At our law firm, we understand the stress and uncertainty that comes with financial difficulties. Chapter 7 bankruptcy has helped millions of Americans to “get back on their feet,” financially speaking. For more information about how our law firm attempts to help Maryland residents who are considering bankruptcy as a potential option, please visit the Chapter 7 bankruptcy overview section of our law firm’s website.