Money is a very important part of life. We need it for everything from paying for the utilities of our houses to entertainment purposes. Some people are better with money than others and some just happen to come across a series of events that are genuinely unfortunate. At times such as these, some people can be driven into bankruptcy. Bankruptcy, by its legal definition, is a procedure through which someone who is in debt, often referred to as a debtor, is relieved of the liability for the debts by making arrangements that are court-approved for the partial repayment. More often than not, the help of a bankruptcy attorney is needed to make these arrangements.
What Is a Bankruptcy Attorney?
As the name suggests, a bankruptcy attorney is a specialized lawyer who handles bankruptcy cases. When you look for a bankruptcy attorney in Waldorf, MD, you will find that there are two major types of bankruptcy options that you can apply for: Chapter 7 and Chapter 13 of the bankruptcy code. Both of these are very different ways of approaching the issue of bankruptcy. Chapter 7 involves the gathering and selling of assets, which is overseen by the bankruptcy trustee. The debt is repaid from the money received from liquidating those assets. However, Chapter 13, which is also known as the “wage earner’s plan,” involves a plan to repay a particular portion of the debt. This could be all of the debt or only part of it. This plan is made to a debtor’s creditors over three to five years. Your bankruptcy attorney will help you work out which plan is best for you.
Why Hire a Professional?
As with almost any issue that involves the court, it is possible to attempt to take care of it yourself. However, this is widely regarded as a bad move. There are many things that someone who is inexperienced could overlook and potentially make worse. It is better to hire a professional attorney who specializes in the area that you require assistance in. For more information about bankruptcy attorneys, you can visit the website to learn more.