Understanding Bankruptcy Options

Navigate Your Financial Future

Explore the various bankruptcy options available to you and find the best path to financial recovery.

Common Bankruptcy Questions

Find answers to the most frequently asked questions about bankruptcy and the bankruptcy process.

What is bankruptcy?

Bankruptcy is a legal process that provides relief to individuals and businesses overwhelmed by debt, allowing them to either eliminate or repay their debts under the protection of the bankruptcy court.

What types of bankruptcy are available?

The most common types of bankruptcy for individuals are Chapter 7 and Chapter 13. Chapter 7 involves liquidating assets to pay off debts, while Chapter 13 allows for a repayment plan over three to five years.

How does filing for bankruptcy affect my credit?

Filing for bankruptcy will impact your credit score and remain on your credit report for up to 10 years. However, it also provides a fresh start and an opportunity to rebuild your credit over time.

Can I keep my house and car if I file for bankruptcy?

In many cases, you can keep your house and car when filing for bankruptcy, especially if you are current on your payments. The specific outcome depends on the type of bankruptcy and your individual circumstances.

What debts are not dischargeable in bankruptcy?

Certain debts cannot be discharged in bankruptcy, including child support, alimony, most student loans, and certain tax obligations.

Do I need a lawyer to file for bankruptcy?

While it is possible to file for bankruptcy without a lawyer, it is highly recommended to seek legal advice to navigate the complex process and ensure the best possible outcome.

Get in Touch

Address

Law Offices of Brian C. Williams
6475 New Hampshire Avenue, Suite 205
Hyattsville, MD 20783
Phone: 301-891-8485

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Need Bankruptcy Assistance?

If you’re struggling with debt and considering bankruptcy, don’t wait. Reach out today for a confidential consultation. Contact me to discuss your options and take the first step towards financial freedom.