Catonsville, Maryland
920 Frederick Rd.
Catonsville, MD 21228

A Bankruptcy Attorney Answers 4 FAQs About Filing & Its Effects May 18, 2017

Catonsville, Baltimore County
A Bankruptcy Attorney Answers 4 FAQs About Filing & Its Effects, Catonsville, Maryland

If you are considering filing for bankruptcy, it is critical to understand the ramifications. Although bankruptcy can be a smart financial strategy for individuals or businesses facing insurmountable debt, there are consequences to filing. To discuss the effects bankruptcy will have on your situation, turn to the Law Offices of Frank E. Turney, P.A. in Catonsville, MD. Their leading bankruptcy attorney answers frequently asked questions on the subject.

Bankruptcy Law FAQs

Can a Judge Deny My Petition?

The judge might dismiss your petition for Chapter 7 bankruptcy, which could discharge most of your debts, if you have enough income to reorganize and repay your debts under Chapter 13 bankruptcy. You must pass a means test to qualify for a Chapter 7 bankruptcy filing.

Do I Have to Notify My Creditors Once I Have Filed?

After you file for bankruptcy, the court will mail a notice to all creditors you include on your petition. This will immediately enact an automatic stay and stop calls, emails, and letters from debt collectors.

Can Declaring Bankruptcy Stop the Foreclosure Process?

Bankruptcy Catonsville MDFiling for bankruptcy will immediately halt foreclosure proceedings on your home. Depending on your circumstances, you might be able to stop it permanently and maintain possession of your house after your bankruptcy case is resolved. However, the stoppage of the foreclosure process is only temporary in many cases.

Should I File for Chapter 7 or Chapter 13 Bankruptcy?

If you have little or no income, your attorney might recommend Chapter 7 bankruptcy. If you simply want to devise a more manageable payment plan, you should opt for Chapter 13 bankruptcy. A lawyer will help you determine which approach is right for you.  

If you need a clean financial slate and are considering filing for bankruptcy, the team at the Law Offices of Frank E. Turney, P.A. in Catonsville, MD, can help. Visit the firm’s website to learn more about the assistance they provide and call (410) 788-8830 to schedule a consultation with an attorney. Follow them on Twitter for legal tips and updates.

Other Announcements, Events and Deals from Law Offices of Frank E Turney, P.A.
Free Consult: Dealing with Creditors during Shutdown, Catonsville, Maryland
Hopefully the Federal Government Shutdown will end quickly, but in an effort to assist anyone who has been furloughed by the Federal Government,The Law Offices of Frank E. Turney, more
Benefits of Filing Chapter 7 Bankruptcy, Catonsville, Maryland
Chapter 7 bankruptcy provides a clear path to fresh start and a brighter economic future. The decision to file should always be weighed carefully, but for the right individual, more
What Factors Into How Long It Takes to Settle a Personal Injury Claim?, Catonsville, Maryland
One of the most common questions personal injury clients ask their attorney is how long it will take to settle their claim. Unfortunately, there is no way of providing an more
3 Ways Filing for Bankruptcy Can Help Those in Financial Distress, Catonsville, Maryland
Filing for bankruptcy can be a much-needed lifesaver for those drowning in unmanageable debt. But the subject is rife with misconceptions, and many people may not even realize the more
Defense Attorney Explains Collateral Consequences of Criminal Convictions, Catonsville, Maryland
The effects of a criminal conviction can stay with you long after you pay your fine or serve your jail time. The seasoned defense attorney and founder of the Law Offices of more