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 extent of the benefits it provides. Below is a brief guide to how the process helps individuals find financial relief and reclaim their futures.
How Filing for Bankruptcy Can Help
1. Reinstate a Driver's License or Renew the Car Registration
In the state of Maryland, when one falls behind on certain payments such as motor vehicle administration penalites, they risk having their driver's license revoked or their car registration renewal denied. Fortunately, petitioning for bankruptcy can remedy both these situations. As soon as you file, you can fill out the appropriate paperwork at the DMV to have a license or registration reinstated. Bring proof of the bankruptcy filing. Any outstanding fees may not discharge but you will be able to get back your license.
2. Start Anew With a Clean Financial Slate
Chapter 7 bankruptcy eliminates most types of unsecured debt, like credit card balances, medical bills, and past-due rent. Other kinds, such as student loans, child and spousal support, and government-related fees, and taxes may not discharge. However, starting over and owing considerably less is a significant step in the right direction.
3. End Creditor Harassment
Creditors can go to great lengths to recoup money, ranging from merely inconvenient to borderline harassing and life-disruptive contact. As soon as you file for bankruptcy, the law requires them to stop all such action against you. If they persist, refer them to your lawyer and refuse to discuss anything further. This will restore a sense of serenity and privacy.
Start experiencing the benefits of bankruptcy by reaching out to the Law Offices of Frank E. Turney, P.A. Since 1993, this trusted legal team has been serving Baltimore County, MD, in bankruptcy law cases, offering quality legal guidance and representation through every step of the process. Call (410) 788-8830 to set up a free consultation with a seasoned attorney. Visit them online for more information about their background and expertise in this and other practice areas.