For those with way too much debt to pay, life can be extremely stressful. If you are getting constant threatening and harassing calls and letters about your debt, you need to be aware of your options. Through the help of a Bankruptcy Attorney in Silver Spring MD, you can file for bankruptcy and be rid of your debts once and for all. This will help you to get back on your feet financially, so you can secure a better future. Through this information, you will learn more about filing for bankruptcy and how it can benefit your situation.
When you file for bankruptcy, all of the debts you owe are listed. This is important, because it prevents your creditors from being able to further contact you about the money you owe. They cannot pursue you by wage garnishment or through going to court. This can take a great deal of stress off of your shoulders.
During your bankruptcy period, which can range from two to five years, you will pay a monthly payment to the court. The judge will decide how much you will pay, based on the amount of your monthly income. You will be required to make this payment to the court each month, so the money can be dispersed among those you owe. Failure to pay this payment on time each month, could result in your bankruptcy status being cancelled and you being required to pay all that you owe.
When you pay your monthly payments, you are slowly paying down all the debt you owe. At the end of the bankruptcy period, all of your listed debts will be paid down and you can start anew. It is recommended you go through credit counselling, to help you make better financial decisions in the future, so you do not get into the same ordeal again.
If you are in need of a Bankruptcy Attorney in Silver Spring MD, visit Law-margulies.com. They can assist you with getting back on your feet financially, so you can overcome your debt once and for all. Contact them today for further information.
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