If you decide to work with our firm to find the debt relief you deserve, we will ask you a few questions on the phone before asking you to come to our office. After you have completed a questionnaire with important financial information, we will discuss which type of bankruptcy is most appropriate for you.
An experienced bankruptcy attorney can help you explore your options and find a way to reduce your debt. At the law offices of RISM LLC, we can help you decide if bankruptcy is right for you. We will exhaust all your possible debt relief options in order to come up with a plan that works for your financial future.
People consider bankruptcy for a number of reasons. Most individuals want to stop foreclosure or put an end to creditor harassment and wage garnishments, while most businesses want to buy enough time to help themselves get back on their feet.
Whatever challenges you currently face, bankruptcy should be your last resort. Unless you are late on your bills and have destroyed your credit, we suggest you try to work something out with your creditors. Taking an in-depth look at your financial situation, we will give you an honest assessment of your rights and options. Our bankruptcy attorneys provide assistance to residents of Washington, D.C. and Maryland.
Chapter 13 bankruptcy is designed for people with a regular income who want to, but are unable to, pay off their debts. Under Chapter 13 bankruptcy, unlike Chapter 7 bankruptcy, debtors are allowed to keep all their possessions. Debtors are able to consolidate their debts and make payments over time. During this time, creditors can not start or continue collection actions. Some of the debts that can be consolidated under Chapter 13 bankruptcy include outstanding mortgage payments, auto payments, student loans, credit cards, and any other unsecured debts.
Chapter 7 bankruptcy, often referred to as Liquidation Bankruptcy or Straight Bankruptcy, eliminates most unsecured debts. Unsecured debts include debts such as credit cards, medical bills, and personal loans. Most people believe that when they file for Chapter 7 bankruptcy, all of their possessions will be liquidated. However, depending on your situation, you may be able to keep your home, car and other exempt property Stop Home Foreclosure Filing for bankruptcy can prevent or terminate the foreclosure of your home. Under Chapter 13 bankruptcy, a payment plan will be developed that will allow you to keep your home despite mortgage arrears. You will still have to make regular monthly mortgage payments. However, while under a Chapter 13 bankruptcy plan, mortgage companies cannot foreclose or attempt to collect past due mortgage payments. Under Chapter 7 depending on the amount of equity in the home, you may reaffirm the debt and stay in your home.